CENGAGE MINDTAP Module Seven Quiz Back to Assignment Attempts Keep the Highest / 5 2. Using a payoff matrix to determine the equilibrium outcome Suppose that Zipride and Citron are the only two firms in a hypothetical market that produce and sell electric scooters. The following payoff matrix gives profit scenarios for each company (in millions of dollars), depending on whether it chooses to set a high or low price for scooters. Citron Pricing High Low High 11, 11 2, 15 Zipride Pricing Low 15, 2 8, 8 ips ps For example, the lower-left cell shows that if Zipride prices low and Citron prices high, Zipride will earn a profit of $15 million, and Citron will earn a profit of $2 million. Assume this is a simultaneous game and that Zipride and Citron are both profit-maximizing firms. If Zipride prices high, Citron will make more profit if it chooses a _ price, and if Zipride prices low, Citron will make more profit if it chooses a price. If Citron prices high, Zipride will make more profit if it chooses a _ price, and if Citron prices low, Zipride will make more profit if it chooses a price