What is competition policy economics?

Competition policy in economics refers to public or governmental policies that help ensure competition in the economy or market is not undermined. Many regulatory bodies believe that competition in a market or economy is essential for growth, investment, efficiency, and innovation. Competition policy helps to prevent monopolies that can manipulate consumers, markets, and would be detrimental to society and economies. When there is competition in markets, companies will do their best to present fair and competitive prices to consumers and will continually work to produce quality products.