Government withdrawal of certain laws and regulations that seem to hinder competition is called: Deregulation .
Deregulation is the process of reducing or removing governmental regulations on a given sector of the economy. The objectives are to reduce corporate restraints and provide industries greater freedom to run their enterprises.
The fundamental goal is to withdraw barriers to competition so that a certain industry may more readily participate in the global market. Only by legislation, the President issuing an executive order, or a federal agency ceasing to enforce the rule can an industry be deregulated.
As firms compete with one another, increased market rivalry boosts innovation and accelerates market growth. Prices for customers decrease when more firms engage in competition.
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