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21) A pricing scheme under which a firm decreases its price in order to drive its rival out of business is known as A) tie-in sales. B) colluding. C) predatory pricing. D) bundling. 22) Predatory pricing is best exemplified when a firm A) cuts its prices in order to increase competition in the market. B) exercises its monopoly power by raising price. C) cuts its prices temporarily in order to drive out any competition. D) requires consumers to purchase products together rather than separately. 23) Which of the following concerning predatory pricing is true? A) Predatory pricing involves charging different prices to different customers based on their willingness-to-pay. B) Predatory pricing involves raising prices very high so that most consumers are unable to purchase the product, though a few continue to do so, and the firm makes huge profits by having lower production costs. C) Predatory pricing is used to drive competitors out of the market. D) Predatory pricing permanently lowers the price in the market. Recall the Application about the 1998 merger between Pennzoil and Quaker State to answer the following question(s). The merger resulted in a company with a market share of 38 percent: 29 percent from Pennzoil and 9 percent from Quaker State. 24) Recall the Application. What happened to the prices of their products when the merger occurred? A) Pennzoil raised its product prices. B) Quaker State raised its product prices. C) Pennzoil decreased its product prices. D) Quaker decreased its product prices. Recall the Application about the merger of Office Depot and Office Max to answer the following question(s). 25) Recall the Application. In 2013, ________ approved the merger of Office Depot and Office Max. A) the Federal Trade Commission B) the Commerce Department C) the Supreme Court D) the World Bank  Â

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