Fair competition refers to a market environment where businesses operate on a level playing field, allowing them to compete based on the quality of their products and services rather than unfair practices. This concept ensures that no company has an unfair advantage, promoting innovation and consumer choice. Regulatory bodies, such as the Federal Trade Commission in the United States, enforce laws to prevent monopolies and deceptive practices. By maintaining fair competition, these organizations help protect consumers and encourage healthy economic growth, benefiting both businesses and the public.