fair (adjective, fair, \ fer \) competition (noun, com-pe-ti-tion, \ ˌkɑːmpəˈtɪʃən \)
Definition: is a market practice, a competitive relationship that involves businesses operating based on such factors as product or service quality, price, and customer service rather than executing practices that are typically condemned by law (for instance, competitor bashing or predatory pricing). Fair competition exists in the markets where all businesses operate on equal terms and in the same conditions. Fair competition is beneficial for a number of reasons. It allows to establish more reasonable prices for consumers, it provides a larger variety of choices for the customers, it offers a good quality of service, and it allows businesses to improve their technologies and performance without being under the constant pressure because of the monopolistic competition.
In a Sentence:
- Fair competition in the market encourages innovations and improvements in the technological processes.
- Because of the fair competition on the market these days, customers obtain all the necessary information about the products without an effort.
- Thanks to the fair competition, we were able to increase our customer base noticeably.
Synonyms and related words: fair value accounting, fair representation, fair and responsible price, predatory pricing, competitor bashing
