The Fines Payable for Breaches of Part IV of the Competition

question 8

Multiple Choice

The fines payable for breaches of Part IV of the Competition and Consumer Act 2010 (Cth) are:

• A)civil.
• B)criminal.
• C)determined based on a criminal standard of proof.
• D)determined by reference to the standard of proof of a reasonable person.

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Definitions:

Nonprice Competition

A strategy where businesses compete on factors other than price, such as quality, service, or brand image.

Product Differentiation

A marketing strategy that businesses use to distinguish their products from those of competitors.

Tacit Collusion

A situation where businesses indirectly coordinate actions without explicit agreement, often leading to market prices above competitive levels.

Few Firms

A market situation typically characterized by an oligopoly, where a small number of companies possess the majority of market share.