Indian Contract Act, 1872
Quick practice
Question 1 of 5
Given below are two statements, one is labelled as Assertion (A) and the other is labelled as Reason (R):
Assertion (A): The Competition Act, 2002 was enacted to replace the MRTP Act, shifting the primary legislative focus from curbing the mere existence of monopolies to actively promoting and sustaining fair competition in markets.
Reason (R): Under the Competition Act, 2002, the sheer existence of a corporate monopoly or dominant position is declared strictly illegal and penalizable per se.
In the light of the above statements, choose the most appropriate answer from the options given below:
Both (A) and (R) are correct and (R) is the correct explanation of (A).
(A) is incorrect but (R) is correct.
(A) is correct but (R) is incorrect.
Both (A) and (R) are correct but (R) is NOT the correct explanation of (A).
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