of Two firms, Small and Large, compete by price. Each can choose either a low price or a high price. The following payoff table shows the profit (in thousands dollars) each firm would earn in each of the four possible decision situations:
- Is there a dominant strategy for Small? If so, what is it? Why?
- Is there a dominant strategy for Large? If so, what is it? Why?
- What is the likely pair of decisions? What payoff will each receive?
Large Small Low price High price Low price $200, $500 $600, $600 High price $0, $1,500 $400, $1,000
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