Competition among businesses supports an economically safe environment. Multiple companies create many jobs while offering quality goods and services for prices as low as profitable to stay in business. This keeps quality high, service hospitable, and prices reasonable for the consumers. This even allows competitors to cater to customers in different ways and appeal to different demographics more appropriately, giving customers the power of choice.
This is why Antitrust laws are vitally important in society. These laws implement rules to ensure that there is competition as well as fair play among the businesses. When one company breaks these rules and gains an unfair advantage, it can limit the options and performance of others and eventually give the violators enough control of the market to withdraw the healthy attributes of commerce: low prices, high quality, etc. There are a few popular ways some use to break these laws:
- Inappropriate tying of goods or services
- Exclusive dealing
- Price fixing
For example, a business may force customers to purchase an undesired item with tying or scheming to run out all other related businesses to hold the market for themselves. Such practices are unfair and cause financial troubles for competition as well as consumers. So, if you or your business has suffered under such tactics, call a lawyer today.