International Research Journal of Commerce , Arts and Science
( Online- ISSN 2319 - 9202 ) New DOI : 10.32804/CASIRJ
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ABUSE OF DOMINANT POSITION UNDER THE INDIAN COMPETITION ACT, 2002
2 Author(s): JASVIR , PARVINDER
Vol - 4, Issue- 2 , Page(s) : 63 - 84 (2013 ) DOI : https://doi.org/10.32804/CASIRJ
When there is perfect competition in the market, the consumer is supreme, as his welfare is maximised. However, monopoly is bad for the consumer and the economy. The monopolist controls the market and can increase prices or reduce volumes. There is ‘allocative inefficiency’ and in economic terms there is ‘deadweight loss’. Since the monopolist is under no pressure to minimise cost, he is often content to enjoy a quiet life rather than face vigorous rivalry. As economist Liebenstein put it there is ‘X-inefficiency’.