Use figure below to answer the following questions. 
a.Would firm 1's profit increase or decrease if the equilibrium moved from point A to point B?
b.Would firm 2's profit increase or decrease if the equilibrium moved from point A to point B?
c.As the manager of firm 1,propose a strategy that would increase both the market share and the profits of firm 1-that is,a strategy that moves the market equilibrium from point A to point B.
Definitions:
Income Statement
A financial report that summarizes a company's revenues, expenses, and profits over a specific period, usually a fiscal quarter or year.
Balance Sheet
A financial statement that provides a snapshot of a company's financial condition at a specific time, showing assets, liabilities, and equity.
Average Sale Period
The average time it takes for a product to be sold after it's been produced or acquired by the business.
Balance Sheet
A fiscal summary that outlines a company's assets, liabilities, and shareholders' equity at a certain moment in time.
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