Legal Dictionary of Pakistan

product market

Antitrust. The part of a relevant market that applies to a firm's particular product by identifying all reasonable substitutes for the product and by determining whether these substitutes limit the firm's ability to affect prices. "For purposes of an antitrust claim under . . . the Sherman Act, the relevant product market includes those services or commodities which are reasonably interchangeable by consumers for the same purposes. In order to establish the relevant product market, therefore, a plaintiff must sufficiently identify what types of products are reasonably interchangeable substitutes for the defendant's product within the appropriate area of competition." 54 Am. Jur. 2d Monopolies, Restraints of Trade, and Unfair Trade Practices § 58, at 121 (1996).