COMPETITION

COMPETITION

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?
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