DEFINING RELEVANT MARKET IN EVOLVING INDUSTRIES
Keywords:
Relevant market, Industries, DefinitionAbstract
Winston Churchill once said, “To improve is to change, to be perfect is to change often.” The same theory applies to laws of the land which requires constant review as per the changing time and circumstances. Especially, when it comes to the globally evolving market economy where things become obsolete at the wink of the eyes, the laws and their criteria should be molded accordingly. As per the Internet and Mobile Association of India (IAMAI)1 the country’s internet users have grown from 1.6% in 2002 to 36.5% in 2016, thereby becoming the third largest onlinemarket economy in the world, only after the US and China. Thus, such rapid growth rate calls for redefining the market economy for the purpose of legislations. In the competition law, delineate relevant markets is often a critical stage. If the market is defined too narrowly, then market analysis is likely to overestimate the power possessed by the firms possess market power. Where no firms possess market power, remedies or regulations are unlikely to improve outcomes because market forces are already providing customers with the power and opportunities to choose among rivals that are competing to earn the customers’ business. However, if the market is defined too broadly, then it may appear that no firms, even monopolists, have market power, even though at least some firms are able to receive supernormal profits by limiting output.
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