Answer the next question based on the following payoff matrix for a duopoly. The numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy Firm X High Low Price Price aɔȚad X = $625 x = $725 ybTH Y = $625 Y = $475 Firm X $475 X = $400 Low price y = $725 Y = $400 Refer to the above payoff matrix. If both firms operate independently and do not collude, the most likely profit is: Multiple Choice $725,000 for firm X and $475,000 for firm Y. $400,000 for firm X and $400,000 for firm Y. < Prev 41 of 50 Nefm

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