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Every year, management and labor renegotiate a new employment contract by sending their proposals to an arbitrator who chooses the best proposal (effectively giving one side or the other $1 million). Each side can choose to hire, or not hire, an expensive labor lawyer (at a cost of $200,000) who is effective at preparing the proposal in the best light. If neither side hires a lawyer or if both hire lawyers, each side can expect to win about half the time. If only one side hires a lawyer, it can expect to win three-quarters of the time. 1. What is the Nash equilibrium of the game? [Select] V 2. Would the sides want to ban lawyers? [SEIECt] Consider the following strategic form game of price competition: Firm B Pricing Strategy: Price Price Low High Firm A Pricing Price 0,0 50,-10 Strategy: Low Price -10,50 25,25 High If this game is played once, what is the Nash equilibrium? |low, low Suppose the game is infinitely repeated. What strategies will each firm likely utilize? [ Select ]