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An industry consists of two firms that simultaneously choose to set either a high(collude) or a low(cheat) price. If both collude they split the profits of $10.00 in half. If one firm colludes and the other competes, the cheating firm earns $10.00 and the one that does not cheat earns -$5.00. If both cheat they earn zero profit. Represent the results in a normal form game.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M961320

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