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strategies: cooperate by cutting back production so that supply Is tI ght tand the price is high or cheat by increasing production. The payoffs in

strategies: cooperate by cutting back production so that supply Is tI ght tand the price is high or cheat by increasing production. The payoffs in the table show profits for each scenario. 800 800 400 1000 1000, 400 600, 500 What is Shell's best response and associated payoff if Exxon cheats? a. cooperate, 400 b. cheat, 600 c. cooperate. 800 d. cheat, 800

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