a hypothetical monopoly’s critical loss was greater than the actual loss, meaning that the soju market could be defined as the relevant product market.
As seen from Table 3 below, when the beer price was raised by 5% or 10%, in both cases, critical loss was greater than the actual loss, indicating that the beer market could be defined as the different relevant product market from the soju market.
The competition authorities of the European Union, the US, and the UK are known to have placed alcoholic beverages in the different product markets, depending on their alcohol contents.