Winter 2023, January, Volume 1

Market definition is perhaps the fundamental step in any antitrust analysis. If competition rules are to seek to regulate markets, and markets (by definition) consist of consumers and suppliers, this should not come as any surprise.

However, market definition continues to raise perplexing issues for regulators, litigants, and courts alike. This is because markets constantly evolve, and their patterns of supply and demand may elude the tools that may have been developed decades before, in an entirely different context.