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In a private meeting, two rms (A and B) agree to keep quantity low and prices high. However, if one rm defects from the agreement, then they will increase their prots and the other rm will lose prots. If both rms defect, then the market will be with supply, prices will fall, and both rms will have even lower prots. This story is represented in the normal form game below. Each rm can choose to `cooperate' (stick with the agreement) or `defect' (make more product than agreed upon). The payos in the normal form game represent prots for rms A and B. Which of the following combinations of strategies are Nash Equilibria?
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