Congress has divided the authority to police mergers between the Antitrust Division of the U.S. Department of Justice (AD) and the Federal Trade Commission (FTC). How is this authority divided?
A) The AD always renders its opinion on any proposed merger first. If the AD approves the merger, the case then goes to the FTC for final approval. If the AD disallows the merger, the decision stands and the FTC does not become involved.
B) Both the AD and the FTC are responsible for merger policy.
C) The AD establishes the guidelines that are used to evaluate proposed mergers; the FTC uses these guidelines to decide whether a proposed merger will be allowed to take place.
D) The AD decides whether proposed horizontal mergers will be challenged; the FTC decides whether proposed vertical mergers will be challenged.
B
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Refer to the figure above. What is the equilibrium quantity of credit when the credit demand curve is CD2 and the credit supply curve is CS1?
A) $40 B) $50 C) $30 D) $20
Adam Smith used the term commercial society to refer to a society in which
A) business interests control the political system. B) everyone identifies value with price. C) everyone lives by exchanging. D) increased income is everyone's principal life goal. E) people behave without regard for the interests of others.