Refer to the scenario above. The average total cost of Firm A when it produces 100 pens is 3, and the average total cost of Firm B when it produces 50 pens is 7. At these levels of production, which of the following statements is true?
A) Both firms incur losses.
B) Firm A incurs a loss but Firm B makes a profit.
C) Firm B incurs a loss but Firm A makes a profit.
D) Both firms make profits.
Question 2
A horizontal merger is a merger between firms
A) earning roughly the same amount of profit.
B) producing roughly the same products.
C) regularly doing business of any sort with each other.
D) standing in a supplier-purchaser relationship.
E) that were previously independent.
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