Coles and Woolworths are Australia's two largest supermarkets. Recently they have faced new, international competition, such as the American low-cost brand Costco. Costco specialises in selling discount grocery items to consumers if they purchase them in large quantities. Select the item from the list provided to make the following statements true. - When compared to Woolworths and Coles, Costco could be argued to be engaging in __________. - If Coles and Woolworths both decided to choose a strategy that results in significant losses for both of them, they are likely facing a __________. - For statement 2 above, if Coles and Woolworths follow this strategy resulting in significant losses for both of them, it would have resulted in them both playing their __________ strategy. 1. First degree price discrimination 2. Second degree price discrimination 3. Third degree price discrimination 4. Peak load pricing 5. Pricing power 6. Arbitrage 7. Inefficient 8. Collusion 9. Dominant 10. Dominated 11. Prisoner's dilemma 12. Efficient