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The FTC was
established in 1993 to administer the Fair Competition Act (FCA),which was enacted in March 1993. The FCA
provides for the maintenance and encouragement of competition in the conduct of trade, business and in the supply of services in Jamaica. Competition
lies at the heart of any successful market economy and is crucial to the
protection of consumers' interests and the efficient
allocation of resources.
It is a process whereby firms constantly try to gain
an advantage over their rivals and win more business by offering more
attractive terms to customers or by developing better products or more
effective ways of meeting their requirements. Competition has several
dimensions such as the quality of product, price, branding and marketing. Price
is only one factor, albeit in many markets the most important. Fair and
widespread competition encourages the development of new or improved products
or processes and, in the long run, enhances economic growth and living
standards.
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