3. Using a payoff matrix/table to determine the equilibrium outcome Suppose there are only two firms that sell digital cameras, Picturesque and Capturemania. The following payoff matrix/table shows the profit (in millions of dollars) each company will earn, depending on whether it sets a high or low price for its cameras. Capturemania Pricing High Low High 11, 11 2, 15 Picturesque Pricing Low 15, 2 8, 8For example, the lower left cell shows that if Picturesque prices low and Capturemania prices high, Picturesque will earn a profit of $15 million and Capturemania will earn a profit of $2 million. Assume this is a simultaneous game and that Picturesque and Capturemania are both profit-maximizing firms. If Picturesque prices high, Capturemania will make more profit if it chooses a price, and if Picturesque prices low, Capturemania will make more profit if it chooses a price. If Capturemania prices high, Picturesque will make more profit if it chooses a price, and if Capturemania prices low, Picturesque will make more profit if it chooses a price. Considering all of the information given, pricing low a dominant strategy for both Picturesque and Capturemania. If the firms do not collude, what strategies will they end up choosing? Both Picturesque and Capturemania will choose a high price. Picturesque will choose a high price and Capturemania will choose a low price. O Picturesque will choose a low price and Capturemania will choose a high price. Both Picturesque and Capturemania will choose a low price.True or False: The game between Picturesque and Capturemania is an example of the prisoners' dilemma. True O False