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In this section, you are presented with several short response problems. You are required to answer each one of the question. When writing your answer, CLEARLY label the number of the problem. Graphs are not required in any responses, but you are highly encouraged to reproduce any graphs or make up any numbers that can help you communicate your answer more clearly. Show all your work, but keep your written explanations brief. Question 6: (a) [5pts] Three different antitrust laws address mergers, either directly or indirectly. What are they, and what does each say? (b) [5pts] Assume that market demand in a well-defined industry with a handful of firms is given by Q =100 - P. The firms are considering merging into one. The marginal cost pre-merger is constant and equal to 60 for each firm and the pre-merger price is also 60. Marginal cost post-merger is constant and will equal to 20. The marginal revenue curve for the merged firm is P = 100 - 2Q. Draw a "Williamson Diagram" to discuss the trade off between the loss of consumer surplus and the gain to producers from cost saving. Do the overall social welfare change? By how much