Firms X and Y face the following payoffs in terms of profits, according to which of two prices - a high price or a low price - that each one charges. Each firm must choose whether to charge the high price or the low price, but does not know what the other will do.
| | Firm X: high price | Firm X low price |
| Firm Y: high price | X: £10m
Y: £8m | X: £13m
Y: £4m |
| Firm Y: low price | X: £5m
Y: £9m | X: £7m
Y: £6m |
In the absence of collusion, which combination of strategies is most likely to occur?
◦ X sets the high price and Y sets the low price.
◦ Both firms set the low price.
◦ Both firms set the high price.
◦ X sets the low price and Y sets the high price.
◦ Any of the four combinations of strategies is likely, depending on what each firm predicts that its rival is most likely to do.
Body Region Terms
Face muscles
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A medical assistant wearing PPE—gown, face shield, and gloves.
Major muscles of the face and head.
Funny face kid drawing