g)
refers to explicit or implicit arrangements'by'firms
selling identical or, ,similar products in the same market through
strateg ies such as price fixing, output restraints, bid rig ging, 'Clnd
division of markets amongst themselves in order to curtair inter-firm
competition.
Horizontal Agreements:
h)
means arrangements between firms at different
levels of the market structure aimed at establishing the price levels
''
such as the minimum or maximum resale price at which their goods and
services should be sold.
Vertical Agreements:
,i)
.
j) '
means the relevant market which may be determined by the
Competition u hority with reference to the relevant product market or
the relevant geographic market 'or with reference to both markets;
Market:
.
'
.
.
.
.
Merger Control: refers to aCtion or measures aimed at preventing the'
creation of.undertakings that have the incentive and ability to result in
'
, dominant power in the market through acquisitions or
.. other structural
combinations.
k)
means the conduct and practice of a firm with a
dominant position of at least 40% or more, market share and
significantly larger than that of its bigge t rival to maintain, enhance or
exploit their dominant'power in the market place.
I)
Oligopoly: refers to a state of limited competition between a small
number of producers or sellers.
m)
refers to a form of abuse of dominance, which
consists of selling a product or service in a given market at a price
below the average cost with the aim of eliminating smaller. competitors.
Monopolisation:
Pred atory
PricinQ:
'
4.0 THE NEEO FOR THE POLICY
4.1 Competition Policy is necessary because it provides, through competitive
markets, the best means of ensuring that the economy's resources are put
'to their best use by encouraging enterprise efficiency and wid nJng choice.
It is also necessary because where markets work well, they provide strong
incentives for good performance, thus, encouraging firms to improve
productivity, reduce prices and innovate whilst rewarding consumers with
lower prices, and a wider choice of high quality goods and services.
4
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