Refer to the following payoff matrix:

Player 1Player 2Low QHigh QLow Q$50,$5$15,$30High Q$40,$2$2,$1

If the payoff matrix is a simultaneous-move production game, the Nash equilibrium is for:

Multiple Choice

• both players to produce low output.
• both players to produce high output.
• player 1 to produce low output and player 2 to produce high output.
• player 1 to produce high output and player 2 to produce low output.