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Question: The only two firms in a market are trying to decide what price to charge. The payoff matrix for t...

Show transcribed image text The only two firms in a market are trying to decide what price to charge. The payoff matrix for this game is shown above. The payoffs are thousands of dollars of economic profit. If this is a dynamic market and Firm A sets its price at $20 what price will Firm B likely charge in response? $20 $10 Something, but more information is needed to determine Firm B's price

The only two firms in a market are trying to decide what price to charge. The payoff matrix for this game is shown above. The payoffs are thousands of dollars of economic profit. If this is a dynamic market and Firm A sets its price at $20 what price will Firm B likely charge in response? $20 $10 Something, but more information is needed to determine Firm B's price