competition policy
/kɒmpɪtɪʃən pɒlɪsi/ · com.pe.ti.tion.pol.i.cy
noun
- A set of rules and regulations designed to promote competition and prevent monopolies in a particular market or industry. The government introduced a new competition policy to encourage innovation and fair trade practices.
- A policy aimed at promoting competition among businesses, often through measures such as deregulation and anti-trust laws. The company's competition policy focused on reducing barriers to entry for new competitors.
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Did you know? The concept of competition policy has its roots in the Sherman Antitrust Act of 1890, which aimed to prevent monopolies and promote competition in the United States.