European Competition Policy index
8 important questions on European Competition Policy index
What is the aim of competition policy?
Which two objectives are implied in the EUs internal marketpolicy?
2. single market objective
The existence of a monopolist leads to market power which leads to a loss of economic welfare. What kind of loss is meant and what kind of monopoly can be good?
A natural monopoly can be good, since it has decreasing average costs (e.g. energy company)
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What is the goal of competition policy and what is often (wrongly) assumed?
wrong:- CP is not concerned with maximizing the # of firms
- CP is concerned with defending competition to increase welfare, NOT defending competitors
Even in the absence of a monopoly, dominant positions can arise due to:
- switching costs
- network effects
EU competition has 4 objectives. Describe them.
2. the control of M&As between firms
3. liberalization of monopolistic economic sectors > EC plays a key role in opening up markets such as transport, energy, etc.
4. the control of state aid > unless justified by reasons of general economic development, state aid is forbidden
Competition authorities may examine abuse of dominant positions using an approach consisting of 3 steps. Formulate them
2. if dominant position, the economic effects of abusive conduct should be examined
3. impose sanctions if necessary
Since 2004, law enforcement became more decentralized with added principles. Name them
- when 2 or 3 member states are affected, authorities should work together on a case
- when a very large infringement is suspected, the Commission deals with the case
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