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Suppose that each of the two firms has the independent choice of advertising its product or not advertising. If neither advertises, each gets $10 million in profit; if both advertise, their profits will be $5 million each; and if one advertises while the other does not, the advertiser gets $15 million profit while the other gets $2 million profit. Draw the decision table faced by the firms and what will be the likely strategy by the firms, if the CEO's of the firms do not trust each other.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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