The dual mandate of the Federal Reserve System is to maintain ________

In the problem of double marginalization, the resulting price is ______than if the manufacturer and the retailer were to merge

a. Higher b. Lower c. The same d. None of the above

Vertical merger occurs when

A) two firms merge where one had sold its output to the other as an input. B) the merger moves the combined firm onto the horizontal portion of its long-run average cost curve. C) two firms merge where each is about the same size. D) two firms producing a similar product merge.