competition. The struggle for commercial advantage; the effort or action of two or more commercial interests to obtain the same business from third parties.

fair competition. Open, equitable, and just competition between business competitors.

horizontal competition. Competition between a seller and its competitors. ? The Sherman Act prohibits unrea-sonable restraints on horizontal competition, such as price-fixing agreements between competitors.

¡ª Also termed primary-line competition.

perfect competition. A completely efficient market situation characterized by numerous buyers and sellers, a homogeneous product, perfect information for all parties, and complete freedom to move in and out of the market. ? Perfect competition rarely if ever exists, but antitrust scholars often use the theory as a standard for measuring market performance.

primary-line competition. See horizontal competition.

vertical competition. Competition between participants at different levels of distribution, such as manufacturer and distributor.

¡ª Also termed secondary-line competition.

What is the Chinese interpretation of COMPETITION?
TermBase About LegalLingo
LegalLingo, a Shanghai-based translation agency, is a recognized leader in comprehensive legal language solutions for the legal industry. We provide the world’s leading law firms and corporate legal teams with a full suite of services, ranging from the translation of contracts and compliance documentation to full-scale multilingual litigation requiring certified translation and Chinese document review. We deliver customized legal document translation solutions based on your case’s size and budget requirements, utilizing industry-leading technology to ensure accuracy, lower costs and faster turnaround times.