-Refer to the data above.Assume that firm M acquires firm L.After the merger,firm M has an average total cost of __________,while firm N has an average total cost of __________.
Definitions:
Imperfect Competition
Imperfect competition describes a market structure where the conditions necessary for perfect competition are not met, including markets with monopolies, oligopolies, and monopolistic competition.
Marginal Productivity Theory
An economic principle that explains how the amount of extra output gained by employing an additional unit of input declines as more of that input is used.
Monopoly and Monopsony
A monopoly refers to a market with a single seller facing many buyers, whereas a monopsony is a market with a single buyer facing many sellers.
Marginal Product
The extra production resulting from the increase of a particular input by one unit, while keeping all other inputs unchanged.
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