For the payoff table listed, determine the equilibrium outcome. Does either firm have a dominant strategy?
$\begin{array}{c}
\quad\quad\quad\text { Firm } 2\
\begin{array}
{ | c | c | c | }
\hline \text { Firm 1 } & \text { Low price } & \text { High price } \
\hline \text { Low price } & 28,12 & 48,20 \
\hline \text { High price } & 20,30 & 30,22 \
\hline
\end{array}
\end{array}$

Question

For the payoff table listed, determine the equilibrium outcome. Does either firm have a dominant strategy?
 $\begin{array}{c}
\quad\quad\quad\text { Firm } 2\
\begin{array}
 { | c | c | c | } 
\hline \text { Firm 1 } & \text { Low price } & \text { High price } \
\hline \text { Low price } & 28,12 & 48,20 \
\hline \text { High price } & 20,30 & 30,22 \
\hline
\end{array}
\end{array}$

Quizplus · Accepted Answer

The Answer of For the payoff table listed, determine the equilibrium outcome. Does either firm have a dominant strategy?
 $\begin{array}{c}
\quad\quad\quad\text { Firm } 2\
\begin{array}
 { | c | c | c | } 
\hline \text { Firm 1 } & \text { Low price } & \text { High price } \
\hline \text { Low price } & 28,12 & 48,20 \
\hline \text { High price } & 20,30 & 30,22 \
\hline
\end{array}
\end{array}$

For the Payoff Table Listed, Determine the Equilibrium Outcome