The merger of two community hospitals located in the same geographic market is called:
a. horizontal integration.
b. a real shame since one of the hospitals will likely close.
c. a leveraged buyout.
d. vertical integration.
e. a conglomerate merger.
a. horizontal integration.
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From left to right, the horizontal axis of the Lorenz curve ranks households from
A) smallest to largest. B) largest to smallest. C) poorest to richest. D) richest to poorest.
"Lender of last resort" means that the central bank
a. has to lend money to failing banks. b. should lend money to individuals if their bankruptcy would threaten the banking system. c. should lend money to banks that are suffering short-term liquidity shortages. d. should lend money to pay for government deficits. e. None of the above
Refer to Figure 6.2. The situation pictured is one of
A) constant returns to scale, because the line through the origin is linear. B) decreasing returns to scale, because the isoquants are convex. C) decreasing returns to scale, because doubling inputs results in less than double the amount of output. D) increasing returns to scale, because the isoquants are convex. E) increasing returns to scale, because doubling inputs results in more than double the amount of output.
If a commodity is inexpensive and its total utility great,
a. it is an inferior good. b. it is plentiful. c. its marginal utility is high. d. the ratio of price to marginal utility is very high.