Write short notes on the following: Relevant market under Competition Act, 2002;

Relevant market under Competition Act, 2002 The term Relevant market is very significant to identify whether an enterprise is in a dominant position or not. Section 2(r) of the Competition Act, 2002 defines the expression 'relevant market' as the market which may be determined by the Commission with reference to the 'relevant product market' or the 'relevant geographic market' or with reference to both the markets. The expression 'Relevant geographic market' is defined under section 2(s) of the Competition Act, 2002, as a market comprising the area in which the conditions of competition for supply of goods or provision of services or demand of goods or services are distinctly homogenous and can be distinguished from the conditions prevailing in the neighboring areas. The expression 'Relevant product market' is defined under Section 2(t) of the Competition Act, 2002, as a market comprising all those products or services which are regarded as interchangeable or substitutable by the consumer, by reason of characteristics of the products or services, their prices and intended use.