$($PLease break down the steps in simple words why that is the answer$)$ Use the following table

to answer the question$($s$)$

below.

Table: Christie' and

Sotheby's

Sotheby's Strategies

High Commission

Low Commission

Christie's

High Commission

$$4$ million, $$4$ million

$$2$ million, $$6$ million

Strategies

Low Commission

$$6$ million, $$2$ million

$$3$ million, $$3$ million

Reference: Ref $15-2$

$($Table: Christie' and

Sotheby's$)$ Each cell of

this table presents the

revenues earned by the

auction houses, Christie's

and Sotheby's. Revenues

are based on the type of

commission each firm

charges its clients, as well

as what commission the

other charges. Christie's

revenues are listed first in

each cell, then Sotheby's.

If both firms cooperate

and act like a cartel

both Christie's and Sotheby's will charge a high

commission.