Question 16 (1 point) Based on the game theory depicted below, what result would be expected if each firm follows its dominant strategy? Pricing Top Player $3 per 12 pack $5 per 12 pack $3 per 12 pack P: profits = $120M P: profits = $20M C: profits =$130M C: profits =$195M 55 per12 pack P: profits=51ElEIM P: profits=515EIM C: profits=$32M C: profits=$165M O Pepsi's profits would be $120M and Coke's profits would be $130M. side Player Cake 0 Pepsi's profits would be $20M and Coke's profits would be $195M. O Pepsi's profits would be $180M and Coke's profits would be $32M. 0 Pepsi's profits would be $150M and Coke's profits would be $165M. Q There is no dominant strategy