Several recent high-profile mergers and acquisitions have been greeted by critics with bombastic rhetoric and alarmist claims about the supposed death of competition in one market or another. Amazon’s purchase of Whole Foods and Anheuser-Busch InBev’s merger with SABMiller have both been opposed on these grounds. While it is true that major transactions such as these deserve scrutiny, it is important to separate fact from fear and to remain grounded in economic reality.

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