If two steel firms merge, the merger is described as
a. a horizontal merger
b. a vertical merger
c. a conglomerate merger
d. either a vertical or conglomerate merger depending on whether the oligopoly is balanced or unbalanced
e. either a vertical or conglomerate merger depending on the number of steel firms in the steel industry
A
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A) irrational behavior. B) free riding. C) Pareto inefficiency. D) disequilibrium.
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