2. The following diagram shows the pricing strategies and payoffs for the two bubble gum firms in town. Long Lasting Flavor Co. Set high prices Set low prices $250 $350 Set high prices $400 $200 Big Bubble Co. $100 $50 Set low prices $500 $150 Anderson/Ray, Krugman's Economics for the AP Course, 3e, @ 2019 Worth Publishers a. Does Big Bubble Co. have a dominant strategy? Explain. b. Does Long Lasting Flavor Co. have a dominant strategy? Explain. c. Does this situation have any Nash equilibria? Explain. (6 points)