Figure: Payoff Matrix II for Blue Spring and Purple Rain

Figure: Payoff Matrix II for Blue Spring and Purple Rain
(Figure: Payoff Matrix II for Blue Spring and Purple Rain) Payoff Matrix II for Blue Spring and Purple Rain refers to two producers of bottled water.If both firms follow a tit-for-tat strategy, equilibrium will be reached when:

A) both firms charge a high price.
B) both firms charge a low price.
C) Blue Spring charges a high price and Purple Rain charges a low price.
D) Purple Rain charges a high price and Blue Spring charges a low price.