A merger between Staples and Office Depot would be a ___________ merger.
A. horizontal
B. vertical
C. conglomerate
D. diversifying
A. horizontal
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A decrease in supply is represented by a
a. movement downward and to the left along a supply curve. b. movement upward and to the right along a supply curve. c. rightward shift of a supply curve. d. leftward shift of a supply curve.
The marginal revenue curve of a monopolistically competitive firm is
A. downward sloping and below the demand curve. B. perfectly elastic. C. downward sloping and above the demand curve. D. identical to the demand curve as there are many small firms in the market.
There are two methods of calculating elasticities. One calculates the ratio of the percentage changes in quantity and price, and the other calculates the average percentage changes in quantity and price. We use the second method because it
a. involves an additional calculation b. is not sensitive to direction of movement c. is sensitive to direction of movement d. is never wrong e. always has the same sign
Figure 3-17
Refer to . When the price is P1, consumer surplus is
a.
A.
b.
A + B.
c.
A + B + C.
d.
A + B + D.