What Is Unfair Trade Competition In Economics?

^{Unfair trade practices refer to the use of various deceptive, fraudulent, or unethical methods to obtain business. Unfair business practices include misrepresentation, false advertising or representation of a good or service, tied selling, false free prize or gift offers, deceptive pricing, and noncompliance with manufacturing standards.For instance, a deceptive trade practice misguides the public into purchasing a good or service maliciously. Such practices fall under the category of unfair competition in economic (business) torts. It’s essential to protect consumers and maintain a level playing field for businesses.}

To sum up

Deceptive trade practices: Mislead consumers into making purchases.

Unfair competition: Harms both consumers and competitors.

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