ABSTRACTThe analysis in this paper is directed at measuring the substitution between seven beverages consumed in the United States with the objective of shedding some light on just what is the relevant market for antitrust purposes. With regard to the overall beverage market considerations, there is a clear indication that consumers do substitute between different types of beverages. What must be subjectively resolved, however, is whether the extent of the indicated substitution is of significant enough magnitude to infer that two different beverages are in the same product market.