-Two firms are competing in a duopoly and are trying to decide which price to set.The two prices under consideration are a high monopoly price and a low competitive level.If both seller A and seller B chose the monopoly price,each will earn $20 million of economic profit.However,if one picks the monopoly price while the other picks the competitive price,the high-price firm will lose $1 million while the low-price firm will earn $32 million.If both sell at the competitive level,they both earn a normal profit.Complete the payoff matrix below and determine the Nash equilibrium. 
Definitions:
Purely Competitive
A market structure characterized by many firms selling identical products, where no single firm can influence the market price.
Monopsonist
A monopsonist is a market condition where there is only one buyer in a market, giving this buyer significant control over the price and terms of purchase.
Labor Supply
The total hours that workers are willing and able to work at a given wage rate, across an economy or market.
Marginal Revenue Product
The additional revenue a firm earns by employing one more unit of input, such as labor or capital.
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