Commission, European

Substitutability

Institution Definition

Measure of the extent to which products may be seen as interchangeable from the viewpoint of producers or consumers. A firm’s pricing policy for a specific product is disciplined if consumers have the possibility to buy another product, which they judge as being equivalent by its nature, use and/or price (demand-side substitution). Additional competitive constraint on the firm may stem from producers of other products capable of switching their production without delay towards the product in question at negligible cost and willing to enter into competition on the market segment concerned (supply-side substitution). Product substitutability is an important element in defining the relevant product market (relevant market).

a b c d e f g h i j k l m n o p r s t u v w

a

Absolute territorial protection • Abuse of dominant position • Abuse of economic dependence • Access to essential facility • Access to information • Access to the file • Actual competitor • Administered prices • Advocacy • Agency agreement • Agent • Agreement (notion) • Amicus curiae • Ancillary restraints • Annulment • Anticompetitive object or effect • Anticompetitive practices • Antitrust • Applicable law • Arbitration • Article 11 letter • Automotive distribution

b

Barriers to entry • Bertrand (Nash) equilibrium • Bid rigging • Black cause • Block exemption (Regulation) • Boycott • Brand competition • Bundling • Burden of proof • Business secrets • Buyer power

c

Cartel • Clearance phase I (merger) • Clearance phase II (merger) • Collecting society • Collective dominance • Collective redress (class action) • Collusion • Comity • Commission Notice • Competence • Competition policy • Complaint • Compliance programme • Compulsory license • Concentration indexes • Concerted practices • Concession • Concurrent jurisdiction • Consortium • Consumers protection • Consumers’ associations • Control (change) • Control (notion) • Cooperation Agreement • Cooperation between competition authorities • Coordinated effects • Copyright • Corporate group • Corruption • Cost-based access • Cournot (Nash) equilibrium • Criminal sanctions • Cross subsidisation

d

Damages • Dawn raids • De minimis notice • Digital Markets Act • Direct effect • Discriminatory practices • Distribution agreement • Divestiture • Dominance (notion)

f

Failing firm defence • Fidelity rebates • Fine • Fine mitigating • Foreign direct investment (FDI) • Foreign Subsidies • Form CO • Franchising • FRAND • Free riding

g

GAFAM • Geographic market • Group purchasing organization • Guidelines • Gun jumping

h

Hard core restrictions • Hearing officer • Horizontal agreement • HSR Filing (US)

i

Imputability • Independence and impartiality • Individual exemption • Industrial policy • Intellectual property right • Inter-brand competition • Interim measures • International co-operation • International competition network (ICN) • Investigations / inquiries

j

Joint control • Joint venture • Judicial review

k

Know-how

l

Legal privilege • Leniency • Lerner index • Letter of formal notice • Letter of rejection of complaints • Licensing • Limitation period • Low prices

m

Mandatary (distribution) • Margin squeeze • Marginal costs • Market economy investor • Market of goods or services • Market power • Market share • Media pluralism • Merger (notion) • Merger (prohibition) • Merger (withdrawal) • Merger control procedure • Merger remedies • Minority shareholdings • Misinformation • Monopoly

n

Ne bis in idem • Network effect • Non-compete obligation • Notification • Nullity

o

Oligopoly

p

r

R&D agreement • Referral (merger) • Refusal to deal • Regulated prices • Regulation • Relevant market • Remedies (antitrust) • Request for information • Resale below cost • Resale price maintenance (RPM) • Restriction on exportation • Right against self-incrimination • Rights of defence • Rule of reason

t

Technology transfer • Test SIEC (merger) • Test SLC (merger) • Transfer pricing • Transparency • Trustee (mergers) • Turnover threshold (merger) • Two-sided market • Tying or tied selling

u

Undertaking (notion) • Unfair commercial practices • Unfair competition • Universal service • Upstream market

v

Variable costs • Vertical agreement • Vertical restraints (or restrictions)

w

White clause