competition policy

• In the UK, the main regulator of competition policy is called the competition and markets Authority
• Match the specialized regulatory body with its industry:

  Orr ↔️ Rail

  CAA ↔️ Aviation

  Ofcom ↔️ Telecommunications

  Offgem ↔️ Gas and electricity
• Specialized regulatory bodies in the UK operate independently of the CMA.

  False
• Within the EU, competition policy is overseen by the European competition Commission
• UK competition law must be followed while the UK remains within the EU.
• What is the primary aim of competition policy?

  Protect the public interest
• Competition policy may intervene if companies exploit the public by charging excessive prices
• Order the steps in how competition policy addresses highly concentrated markets:

  1️⃣ Identify market concentration

  2️⃣ Liberalize through privatization or deregulation

  3️⃣ Promote competition

  4️⃣ Ensure quality, standards, and choice
• Natural monopolies, if unregulated, can harm the public interest.
• Competition policy ensures that supernormal profits made by monopolies are reinvested into innovation
• Anti-trust agreements are a common reason for competition policy intervention.
• State aid control in the EU aims to prevent unfair competition