The study looks at how mergers in the supply chain industry impact prices and well-being. It examines scenarios where upstream manufacturers sell to downstream retailers. Even when one side has more power in negotiations, prices stay the same. In comparing two types of mergers - one where retailers merge and one where manufacturers merge - it reveals that a retailer merger is worse for consumers than a manufacturer merger. Interestingly, when contracts can be seen by all, the effects of both types of mergers are equal.