For the Payoff Table Listed, Determine the Equilibrium Outcome

question 9

Essay

For the payoff table listed, determine the equilibrium outcome. Does either firm have a dominant strategy?
$\begin{array}{c}\quad\quad\quad\text { Firm } 2\\\begin{array} { | c | c | c | } \hline \text { Firm 1 } & \text { Low price } & \text { High price } \\\hline \text { Low price } & 28,12 & 48,20 \\\hline \text { High price } & 20,30 & 30,22 \\\hline\end{array}\end{array}$

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