Question: 19. Answer the next question based on the payoff matrix for a two-firm oligopoly where the numbers represent the firms' respective profits given each of

19. Answer the next question based on the payoff matrix for a two-firm oligopoly where the numbers represent the firms' respective profits given each of their pricing strategies: FIRM X Strategies: High-price Low Price High-price X = $625,000 X = $725,000 Y = $625.000 Y =$475.000 FIRM Y Low-price X = $475,000 X = $400,000 Y = $725,000 Y = $400,000 If both firms were doing a high-price strategy and then one firm cuts prices to gain market share, total profits for the two firms will: a) go up b) go down c) stay the same but the firm cutting prices will have more profits. d) stay the same but the firm cutting prices will have less profits

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