Market definition

{
  "id": "MLC-T-LAW-003166",
  "term": "Market definition",
  "field": "Law",
  "definition": "The process in antitrust law of identifying the relevant market in which firms compete, which includes both a product market and a geographic market. The product market includes all goods or services that consumers consider reasonable substitutes, while the geographic market defines the area where firms compete and where consumers can practicably turn for supply. This analysis is a necessary step for assessing market power in monopoly and merger cases.",
  "url": "https://mlchart.com/terminology/law/market-definition/"
}