Compose a study that provides an explanation of Could you clarify the distinction between an economic law and a law?Asses those provisions from an economical point of view
I. Commercial law Section 391. Commercial Practices In interpreting the intent expressed by a merchant, as well as the meaning and consequences of an action, the practices existing in the scope of commercial rights in the relevant sector shall be taken into account in the mutual legal relations of merchants. II. Competition law A notification of a merger prior its implementation is required, if: the total turnover of merger participants in the previous financial year in the territory of Latvia has constituted at least 30 000 000 euros and turnover of at least 2 merger participants in the previous financial year in the territory of Latvia has constituted at least 1 500 000 euros each. As an exception to a general rule, the Competition Council is also entitled to request the merger participants to submit a notification on already implemented merger, not later than 12 months from the date of merger implementation, if: the merging parties are direct competitors and their total market share on the relevant market exceeds 40% as a result of merger and the Competition Council has reasonable suspicion, that dominant position in the market can be created or strengthened, or competition on the relevant market can be significantly decreased as a result of merger Even in the case, when a merger falls under the notification criteria, the undertaking is entitled to: request a written confirmation, that the Competition Council will not use its right to request a merger notification on its own initiative to submit a full or abridged merger notification to the Competition Council
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