Below is a profit pay-off matrix for two oligopoly firms: Calvin Inc. and Hobbs Ltd. Calvin's profits are shown in the upper portion of each box and Hobb's are in the lower portion. Low Budget Hobbs Ltd. High Budget Low Budget $600 $800 $600 $300 Calvin Inc. High Budget $300 $400 $800 $400 Refer to the information above to answer this question. Which of the following statements is correct if Calvin and Hobbs reach a secret agreement between themselves concerning advertising budgets and this agreement holds because neither cheats? O Both will have a low advertising budget and both will earn profits of $600. Both will have a low advertising budget and both will earn profits of $400. Both will have a high advertising budget and both will earn profits of $800. Both will have a high advertising budget and Calvin will earn a profit of $300 and Hobbs will earn a profit of $800.