Louisiana State University, Shreveport ECON ECON 705 The ability of a firm to raise its price while still maintaining a…
Where is the Nash equilibrium outcome?
Chiles choose low and Hutz choose high because Hutz‘s low strategy is dominated.
Both choose high and earn a relatively low combined profit.
Both choose low with Chiles getting a slightly larger profit.
Chiles choose high and Hutz choose low since Hutz has a dominant strategy while Chiles has a dominated strategy.
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