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Market definition analysis, which is often central in merger cases, usually claims to follow the 1992 Horizontal Merger Guidelines issued by the U.S. Department of Justice and the Federal Trade Commission ("Guidelines"). The Guidelines describe a relevant product market as a group of products for which a hypothetical monopolist would profitably impose a "Small but Significant and Non-transitory Increase in Price" ("SSNIP"). Seeking relatively simple approaches to market definition that are consistent with the Guidelines, courts and agencies often rely on Critical Loss Analysis.
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