(.'h 9 Uligopoly Lecture 1U {Homework tutorial exercises) Short Answer Question : Write your answer in the space provided or on a separate sheet of paper. 1) Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms that must decide between an average-quality and a high quality product, to answer the questions that follow: Firm 2 inn 1 veragg Quality\" 600, 600 400, 1100 'gh Quality | 1100, 400 | 900, 900 a. What is each player's dominant strategy? Explain your reasoning. b. Referring to the table above, is this an example of a prisoner's dilemma game? Why or why not? c. Is there a Nash equilibrium? If so, what is it? 2) What is the significance of the mutual interdependence among the firms in an oligopolistic market