Abstract
Discussions of current U.S. antitrust policy toward mergers generally begin with the 1984 Department of Justice Revised Merger Guidelines (hereinafter called Guidelines), which provides a framework for economic analysis (Salop: 1987). The approach of the Guidelines is first to define the relevant geographic and product market. The relevant market then provides the arena for examining market concentration and other conditions affecting a merger's anticompetitive impact (e.g., ease of entry and factors encouraging collusion). According to this basic approach, products are either in the market or not. Application of the Guidelines' approach becomes less clear in dealing with heterogeneous product markets, where the distinction between products is a matter of degree. In section 3.4, the Guidelines consider product differentiation:
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