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Please complete with explanation Two firms, Firm 1 and Firm 2, can either cooperate (C) or not cooperate (NC) in pricing decisions for their goods.

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Please complete with explanation

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Two firms, Firm 1 and Firm 2, can either cooperate (C) or not cooperate (NC) in pricing decisions for their goods. . They face the following payoff matrix, where, for any strategy set (e.g. C, C), Firm 1 receives the payoff (profit) to the left of the comma, and Firm 2 receives the payoff (profit) to the right of the comma. Firm 2 C NC C 8, 8 4, 11 Firm 1 NC 9, 4 5, 5 (a) In the matrix below, indicate which cell(s) of the payoff matrix above represent Nash equilibria, i.e., there could be multiple Nash equilibria. Answer Yes if a cell is a Nash equilibrium; No if it does not represent a Nash equilibrium. Firm 2 C NC C Firm 1 NC (b) Is this game an example of a Prisoners' Dilemma? (Yes or No) CHECK

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