Read this story and answer following questions. Due to COVID-19, Air New Zealand and Lufthansa have devised a new marketing strategy. Once the New Zealand borders open, they plan to fly from Christchurch to Singapore. Both airlines have a constant average cost of $200 per passenger, and no fixed costs. The airlines can fix either a high price ($1000) or a low price ($500) per passenger. If both the airlines choose to set a high price, then the number of passengers willing to travel is 50 under each airline.If both the airlines decide to set a low price, then the number of passengers willing to travel is 90 under each airline. If one airline decides to set a low price and the other one decides to set a high price, then the low priced airline gets 150 passengers, and the high priced airline gets 20 passengers. Write down this game in a strategic form, such that the pay-off in each cell are the profits of two airlines and answer the following questions.

1.What kind of characteristics does this game possess?

Select one:

a.Outguessing Game

b.Prisoner's Dilemma

c.Uncertain Game

d.Random Game

e.None

2.The dominant strategy for Air New Zealand is:

Select one:

a.High Price

b.Low Price

c.Both a and b

d.Don't Fly

e.None

3.The dominant strategy for Lufthansa is:

Select one:

a.High Price

b.Low Price

c.Both a and b

d.Don't Fly

e.None

4.The Nash Equilibrium for this Air New Zealand and Lufthansa game is:

Select one:

a.Air New Zealand: High Price; Lufthansa: High Price

b.Air New Zealand: Low Price; Lufthansa: High Price

c.Air New Zealand: Low Price; Lufthansa: Low Price

d.Air New Zealand: High Price; Lufthansa: Low Price

e.None