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Article: The problem of geographic market definition: geographic proximity vs. economic significance.
- Article from:
- Atlantic Economic Journal
- Article date:
- June 1, 1991
- Author:
CopyrightCOPYRIGHT 1991 Atlantic Economic Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I. Introduction
The concept of a market is somewhat of an enigma for economists. Most economic analysis focuses on the operation of markets and on how well or poorly they function. Thinking in terms of market adjustments is so well ingrained that the problems associated with precisely defining a market are often ignored in favor of theoretical analyses that take well defined products and markets as given. For many purposes, analysis using generic markets is perfectly adequate. However, in the public policy arena in general, and in the realm of antitrust in particular, the problems and details of appropriate market definition cannot be ignored.
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