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Firm 1 and firm 2 are movie producers. Each has the option of producing a blockbuster romance or a blockbuster suspense film. The payoff matrix displaying the payoffs for each of the four possible strategy combinations (in thousands) is shown below, with firm 1's payoff listed first. Each firm chooses without knowing its rival's choice. Find the Nash equilibrium. Are there dominant and dominated strategies? Firm 2 Romance Suspense Firm 1 Romance 600, 600 700, 700 Suspense 700, 700 400, 400

Macroeconomics, Economics

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