Which Statement About Merger Investigation Guidelines Is Not Correct

Which statement about merger investigation guidelines is not correct?

A) The first step is to define the market where the merger is to take place and then the concentration the merged firm will have.
B) Competitive effects are investigated to ensure adequate competition will continue and that consumer prices will not increase.
C) The investigation includes a determination of the ease of entry into the market to maintain competition.
D) Merging partners have to specify efficiency gains and consumer benefits.
E) Lastly, The FTC has to approve the merger.