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Firm At High Price Low Price A -1000; A - 1250 Hich Price B- 1000 8-300 Firm B: A-300, A-700, Low Price B- 1250 8-700 a. If the two firms above collude, the profits for each of the 2 firms would be Firm A Profits 1000 Firm B Profits 1000 b. Suppose the firms collude and agree to keep prices high! If firm A cheats and cuts price, it will result in which level of profit for the two firms. Firm A Profits 1250 Firm B Profits 300 c. If both firms act independently and do not collude, the most likely result would be which strategy and which level of profit for the firms? Firm A Strategy Firm B Strategy Firm A Profits Firm B Profits d. If Firm, Alalways pursues a high price strategy, and this is expected with certainty for the future, what would be the best strategy for Firm Bijand what would its profits be? Firm B Strategy Firm B Profits