In FTC v. Lundbeck, courts rejected a challenge to an acquisition placing under common control the only two drugs for treating a heart defect in newborns. Although the court decisions in the case have been severely criticized, they might well have achieved the right result for the right reason....

This paper analyzes the effects of mergers between firms competing by simultaneously choosing price and location. Products combined by a merger are repositioned away from each other to reduce cannibalization, and non-merging substitutes are, in response, repositioned between the merged products....

This note demonstrates that random delivery of services of factors of production is a ubiquitous source of increasing returns to scale with otherwise constant returns technology. It is also shown that such economies must eventually be exhausted -- that returns to scale are asymptotically...