Question: Consider a town that has two bicycle repair shops. Each must choose between a high price for repair work and a low price. The payoff

Consider a town that has two bicycle repair shops. Each must choose between a high price for repair work and a low price. The payoff matrix below shows the annual profits (in thousands) for each combination of prices that the two shops could choose. The profit in each cell is shown as (Shop 1, Shop 2). Assuming that both shops know the information shown in the matrix, answer the following:

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