“The price increase question is then
asked for a hypothetical monopolist
controlling the expanded product group. In performing successive iterations of the price increase
test, the hypothetical monopolist will be
assumed to pursue maximum profits in
deciding whether to raise the prices of any or all of the additional products under its control. This process will
continue until a group of products is
identified such that a hypothetical monopolist over
that group of products would profitably impose at least a "small but significant and
nontransitory" increase, including the
price of a product of one of the merging firms. The Agency generally will consider the relevant product
market to be the smallest group of products
that satisfies this test.”
