The general principles of UK competition policy and some awareness of EU competition policy
Competition policy covers the rules governments use to stop firms abusing market power. In the UK, the Competition and Markets Authority enforces these rules.
Real World
In 2021, the UK's Competition and Markets Authority blocked Meta's acquisition of Giphy, ruling it would harm competition in social media and digital advertising markets.
Exam Focus
Name the CMA specifically for UK policy; for EU questions, reference the European Commission — examiners expect institutional accuracy.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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