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Answer the next question based on the following payoff matrix for a duopoly. The numbers indicate the profit in thousands of dollars for a high-price...
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Question

A. $625,000 for firm X and $625,000 for firm Y. B. $725,000 for firm X and $475,000 for firm Y.


C. $400,000 for firm X and $400,000 for firm Y.


D. $475,000 for firm X and $725,000 for firm Y.

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Answer the next question based on the following payoff matrix for a duopoly. The numbers indicate
the profit in thousands of dollars for a high-price or a low-price strategy
Firm X
High Price
Low Price
Firm Y High price
X = $625
X = $725
Y = $625
Y = $475
Low price
X = $475
X = $400
Y = $725
Y = $400
Refer to the above payoff matrix. If both firms operate independently and do not collude, the most
likely profit is:

Step-by-step answer


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