A vertical merger occurs when ________

A) a merger expands the geographic range of markets that it can serve
B) different stages or levels of the same industry unite
C) different companies at the same stage or level unite
D) a merger expands the mix of goods and services available for sale
E) two companies from unrelated industries unite to become a single company

Answer: B
Explanation: A vertical merger occurs when different stages or levels of the same industry merge.