The following are the Dip Switch settings based off of MAME 0.180 source code.
 
Use this information at your own risk!  The information was parsed from the MAME source code and could contain errors as to the state, order or descriptions of what the switches do.  If you find an error, please let me know on the Contact Us form and I will work on correcting the issue. 
 
 
 
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Manufactured by Capcom, Released in 1990
ROM Version: Mercs (USA 900302)
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Dip Switch:SW(A)
12345678FunctionOption
      Off 2 Coins to Start, 1 to ContinueOff*
      On On
Dip Switch:SW(B)
12345678FunctionOption
   On    Coin Slots1
   Off    3*
    On   Play Mode2 Players
    Off   3 Players*
Dip Switch:SW(C)
12345678FunctionOption
   Off    FreezeOff*
   On    On
    Off   Flip ScreenOff*
    On   On
     Off  Demo SoundsOff
     On  On*
      Off Allow ContinueNo
      On Yes*
ROM Version: Mercs (USA 900608)
Print
Dip Switch:SW(A)
12345678FunctionOption
      Off 2 Coins to Start, 1 to ContinueOff*
      On On
Dip Switch:SW(B)
12345678FunctionOption
   On    Coin Slots1
   Off    3*
    On   Play Mode2 Players
    Off   3 Players*
Dip Switch:SW(C)
12345678FunctionOption
   Off    FreezeOff*
   On    On
    Off   Flip ScreenOff*
    On   On
     Off  Demo SoundsOff
     On  On*
      Off Allow ContinueNo
      On Yes*
ROM Version: Mercs (World 900302)
Print
Dip Switch:SW(A)
12345678FunctionOption
      Off 2 Coins to Start, 1 to ContinueOff*
      On On
Dip Switch:SW(B)
12345678FunctionOption
   On    Coin Slots1
   Off    3*
    On   Play Mode2 Players
    Off   3 Players*
Dip Switch:SW(C)
12345678FunctionOption
   Off    FreezeOff*
   On    On
    Off   Flip ScreenOff*
    On   On
     Off  Demo SoundsOff
     On  On*
      Off Allow ContinueNo
      On Yes*
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