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Consider the following payoff matrix in which the numbers indicate the profit in millions of dollars for a duopoly based either on a high-price or a low-price strategy. (2 points each)
Firm AHigh-price Low-price
High-price A = $500B = $500 A = $650B = $300Firm B
Low-price A = $300B = $650 A = $400B = $400
(a) What will be the result when each firm chooses a high-price strategy?(b) What will be the result when Firm A chooses a low-price strategy while Firm B maintains a high- price strategy?(c) What will be the result when Firm B chooses a low-price strategy while Firm A maintains a high-price strategy?(d) What will be the result when each firm chooses a low-price strategy?(e) What two conclusions can you draw about collusion?
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