CENGAGE | MINDTAP Homework 10 (Ch 17) Instashot Pricing High Low High 9, 9 3, 14 Snapface Pricing Low 14, 3 7 , 7 For example, the lower-left cell shows that if Snapface prices low and Instashot prices high, Snapface will earn a profit of $14 million, and Instashot will earn a profit of $3 million. Assume this is a simultaneous game and that Snapface and Instashot are both profit-maximizing firms. If Snapface prices high, Instashot will make more profit if it chooses a _ price, and if Snapface prices low, Instashot will make more profit if it chooses a _ price. If Instashot prices high, Snapface will make more profit if it chooses a _ price, and if Instashot prices low, Snapface will make more profit if it chooses a _ price. Considering all of the information given, pricing low a dominant strategy for both Snapface and Instashot. If the firms do not collude, what strategies will they end up choosing? Both Snapface and Instashot will choose a low price. O Snapface will choose a high price, and Instashot will choose a low price. Snapface will choose a low price, and Instashot will choose a high price. Both Snapface and Instashot will choose a high price. True or False: The game between Snapface and Instashot is not an example of the prisoners' dilemma. O True O False