Which law addresses issues related to competition in the marketplace?

Which law addresses issues related to competition in the marketplace?

• A. Fair Trading Act 1987
• B. Competition and Consumer Act 2010
• C. Equal Employment Opportunity Act 1987
• D. WHS Act 2011

Answer: (B)

The Competition and Consumer Act 2010 is the legislation that specifically addresses issues related to competition in the marketplace. This act is critical in ensuring that businesses compete fairly and that consumers are protected from misleading practices. Under this law, various provisions are established to promote competition by prohibiting anti-competitive practices such as price fixing, cartels, and abuse of market power. It aims to prevent monopolies and ensure that a variety of goods and services are available to consumers, promoting a healthy and competitive economic environment. In contrast, the Fair Trading Act 1987 focuses more on consumer protection and fair trading practices rather than directly addressing competition. The Equal Employment Opportunity Act 1987 deals with workplace discrimination and promoting equality among employees, while the WHS Act 2011 is concerned with workplace health and safety, ensuring a safe working environment for employees. Each of these laws serves important purposes but does not specifically address competition in the marketplace like the Competition and Consumer Act 2010 does.

The Competition and Consumer Act 2010 is the legislation that specifically addresses issues related to competition in the marketplace. This act is critical in ensuring that businesses compete fairly and that consumers are protected from misleading practices.

Under this law, various provisions are established to promote competition by prohibiting anti-competitive practices such as price fixing, cartels, and abuse of market power. It aims to prevent monopolies and ensure that a variety of goods and services are available to consumers, promoting a healthy and competitive economic environment.

In contrast, the Fair Trading Act 1987 focuses more on consumer protection and fair trading practices rather than directly addressing competition. The Equal Employment Opportunity Act 1987 deals with workplace discrimination and promoting equality among employees, while the WHS Act 2011 is concerned with workplace health and safety, ensuring a safe working environment for employees. Each of these laws serves important purposes but does not specifically address competition in the marketplace like the Competition and Consumer Act 2010 does.