Please, answer a), b), and c).

GAME THEORY AND OLIGOPOLY. Profit payoff Matrix for Subways and Ouiznos (Sandwich Style Resfurants. Below is the profit payoff matrix for these two restaurants depending on whetherthey set their Chicken sandwich price HIGH or LOW TABLE 1 Ouiznos LOW price Ouiznos HIGH price Subway LOW price $7 million for Subway $12 million for Subway $7 million for Quiznos $5 million for Quiznos Subway HIGH price $5 million for Subway $9 million for Subway $12 million for Quiznos $9 million for Quiznos a) Using Table, what if any is the collusive outcome? Explain whether it will occur. b) Using Table, what if any is the Nash equilibrium? Explain whether it will occur. TABLE 2 Quiznos LOW price Ouiznos HIGH price Subway LOW price $7 million for Subway $12 million for Subway $8 million for Quiznos $6 million for Ouiznos Subway HIGH price $10 million for Subway $9 million for Subway $12 million for Guiznos $9 million for Ouiznos c) What is meant by a dominant strategy? Using Table 2, is there a dominant strategy? Explain, and determine which outcome will occur