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Competition Act 2002: Introduction and Overview

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Competition Act 2002: Introduction and Overview

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Questions and Answers

What is the maximum number of members in the Competition Commission of India?

Six (correct)

Eight

Five

Seven

What happens if a combination causes an appreciable adverse effect on competition within the relevant market in India?

The Competition Commission of India advises the Indian government on the matter

The parties concerned are rewarded with incentives

The combination is void (correct)

The combination is considered valid

What is the responsibility of the Competition Commission of India under the Competition Act 2002?

To enter into contracts and bring legal action against violators only

To solely uphold and advance consumer interests

To provide advice to the Indian government on matters related to economic competition and to raise public awareness of the problem (correct)

To restrict the freedom of trade of other market players

What is the primary objective of the Competition Act 2002?

To protect the interests of customers from anti-competitive behaviour (A) Signup and view all the answers

What replaced the old MRTP Act?

The Competition Act 2002 (D) Signup and view all the answers

What is the objective of the Competition Commission of India?

To establish the optimum conditions for economic competition (A) Signup and view all the answers

What is the purpose of the Competition Act 2002 with respect to market competition?

To maintain and encourage market competition (B) Signup and view all the answers

What is the role of the Competition Commission of India in case of contract violations?

To enter into contracts and bring legal action against violators (A) Signup and view all the answers

What is the main objective of the Competition Act 2002 with respect to consumer rights?

To defend consumer rights (D) Signup and view all the answers

What is the purpose of the Competition Act 2002 with respect to trade of other market players?

To ensure the freedom of trade of other market players (C) Signup and view all the answers