Market definition Chapter 2 - Market definition SSNIP Test Identify the closest substitutes to the product under review. Hypothetical monopoly test How? Hypothetical monopoly test Relevant market = smallest product group such that a hypothetical monopolist controlling that product group could profitably sustain a Small and Significant Non- transitory Increase in Prices (SSNIP) A B C Start with narrowest definition (A) Can a hypothetical monopoly on A sustain a SSNIP? Yes? STOP THERE: A is relevant market NO? INCLUDE CLOSE SUBSTITUTES B Can a hypothetical monopoly on B sustain a SSNIP? Yes? STOP THERE: B is relevant market NO? INCLUDE MORE SUBSTITUTES C, etc.