In the United States any contract, combination or conspiracy in restraint of trade is illegal. In practice,
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A. Is there a dominant strategy and a Nash equilibrium strategy for each firm? If so, what are they?
B. If the firms agreed to collude and charge high prices, both would earn $25 million and joint profits of $50 million would be maximized. However, the joint high-price strategy is not a stable equilibrium.Explain.
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A In this problem the lowprice strategy is a dominant strategy for both firms If firm B charged low prices firm A will also choose to charge low price...View the full answer
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