ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Antitrust laws protect competition. Free and open competition benefits consumers by ensuring lower prices and new and better products. In a freely competitive market, each competing business generally will try to attract consumers by cutting its prices and increasing the quality of its products or services.

Detailed explanation-2: -The Competition Act, 2002 (as amended) follows the philosophy of modern competition laws and aims at fostering competition and at protecting Indian markets against anti-competitive practices by enterprises.

Detailed explanation-3: -The Sherman Act, the Federal Trade Commission Act, and the Clayton Act are the three pivotal laws in the history of antitrust regulation. Today, the Federal Trade Commission, sometimes in conjunction with the U.S. Department of Justice, is tasked with enforcing federal antitrust laws.

Detailed explanation-4: -Federal antitrust laws examples include the following: Sherman Antitrust Act. Clayton Act. Federal Trade Commission Act.