Answer the next question(s) based on the following payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for a high-price or a low-price strategy. Firm A High-price A = $250 B= $250 Low-price A = S325 B = S200 High-price Fim B A - $200 B=S325 A- S175 B = S175 Low-price If both firms operate independently and do not collude, the most likely profit will be?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.