When separate firms engaged in various stages of a production process are united under one ownership,the resulting combination is known as

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When separate firms engaged in various stages of a production process are united under one ownership, the resulting combination is known as a vertical merger. A horizontal merger involves the consolidation of firms that operate in the same industry and at the same stage of production. A conglomerate merger involves the combination of firms in different industries. A trust is a legal arrangement in which a single company controls a group of other companies or assets.

When Separate Firms Engaged in Various Stages of a Production