Anticompetitive practices are attempts by businesses to interfere with market forces — abuse of market power.
Unfair business practices refer to a wide range of business practices that artificially limit competition. By colluding together in this way, firms operate, or act together, as if they are a monopoly.
The essence of market competition entails letting businesses to gain advantage over rivals in both ethical and legal ways. By building on their advantages, not by exploiting their market position to the disadvantage. Or, detriment of other stakeholders — competitors, customers, suppliers or investors.
When a firm, or firms, engage in uncompetitive business practices, it will increase its relative market position and profits without providing goods and services of better quality. Consequently, this will negatively impact both businesses and the country.
For businesses, anticompetitive practices will result in limited choices of products for customers, artificially high prices and less innovation.
For the economy, there will be reduced output due to lack of competition, loss of economic efficiency and misallocation of scarce resources.