A conglomerate merger:
A. can extend the line of products sold, extend the territories in which products are sold, or
combine totally unrelated products.
B. is defined as a merger involving two firms that previously had a buyer-seller relationship.
C. is defined as a merger involving two firms producing the same or similar products and
selling them in the same geographical market.
D. is illegal, per se.
Answer: A
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Joe and Rita each have some milk and cookies (Milk on the horizontal axis). Joe's MRS of cookies for milk is two. Rita's MRS of cookies for milk is four. Which of the following statements is TRUE?
A) No gains from trade are possible. B) Both Rita and Joe can be made better off if Rita gives Joe some cookies in exchange for milk. C) Rita and Joe are on the contract curve. D) Both Rita and Joe can be made better off if Joe gives Rita some cookies in exchange for milk.
The long run demand curve for wheat is likely to be: a. more elastic than the short run demand curve for wheat. b. more inelastic the short run demand curve for wheat. c. the same as the short run demand curve for wheat
d. more inelastic than the short run supply of wheat.