The track record for proxy fights suggests they are: Multiple Choice usually successful in forcing management out. rarely effective in taking over management. only successful when accompanied by a tender offer. the first step in a hostile takeover. In which merger type would it be least likely to observe economies of scale? Multiple Choice Conglomerate It is equally likely to observe economies of scale in all merger types Vertical Horizontal Selling a futures contract may be appropriate for one who wishes to: Multiple Choice speculate that future spot prices are going down. lock in a future sales price. lock in a future purchase price. have a ready market in which to sell product