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2. Using a payoff matrix to determine the equilibrium outcome Suppose there are only two firms that sell smartphones: Flashfone and Pictech. The payoff matrix that follows shows the profit (in millions of euros) each company will earn, depending on whether it sets a high or low price for its phones. For example, the lower-left cell shows that if Flashfone prices low and Pictech prices high, Flashfone will earn a profit of $9 million and Pictech will earn a profit of $2 million. (Hint: Assume this is a simultaneous game and that Flashfone and Pictech are both profit-maximizing firms.) Pictech High Price Low Price High Price 8, 8 2,9 Flashfone Low Price 9, 2 If Flashfone prices high, Pictech will make more profit if it chooses a * price, and if Flashfone prices low, Pictech will make more profit if it chooses price. If Pictech prices high, Flashfone will make more profit if it chooses a _ price, and if Pictech prices low, Flashfone will make more profit if it chooses price. Considering all of the information given, pricing high a dominant strategy for both Flashfone and Pictech. If the firms do not collude, what strategies will they end up choosing? O Flashfone will choose a low price and Pictech will choose a high price. O Flashfone will choose a high price and Pictech will choose a low price. O Both Flashfone and Pictech will choose a high price. Both Flashfone and Pictech will choose a low price