Link: CrashCourse. "Game Theory and Oligopoly: Crash Course Economics #26." YouTube video, 9:55. March 5, 2016. https://www.youtube.com/watch?v=PCcVODWm-oY&feature=emb_logo

The following payoff matrix is taken from the video clip . Two oligopoly firms are competing to earn higher revenues and profits. Does each firm have a dominant strategy? If yes, what is their dominant strategy? Briefly explain why. What is equilibrium outcome of this game? Using the strategies and payoffs in this game, briefly explain why a cartel or collusion between the firms is not stable or feasible? Firm 2

Firm 1	Price high	Price low
Price high	200, 200	100, 300
Price low	300, 100	80, 80