Suppose that an individual has two debts of $15,000 each to two different creditors, but has only $25,000 in assets to pay the debts. If the individual defaults on their debts, they will lose all of their assets, but the legal costs of filing for bankruptcy and liquidating the assets will total $15,000. The creditors will split the remaining proceeds (each receiving $5,000) Suppose that both creditors know all of these details. The individual drafts a letter offering $5001 to each creditor only if they both agree to cancel the debts. Otherwise, the individual will legally be in default Write a normal form game where the two players are the creditors and each has the strategy of accepting (A) or refusing (R) the above offer. Which statement below accurately describes the game. For each creditor 'Refuse the offer' is weakly but not strictly dominated by 'Accept the offer. For each creditor, neither strategy dominates the other For each creditor 'Accept the offer' is strictly dominated by'Refuse the offer'. For each creditor 'Refuse the offer' is strictly dominated by 'Accept the offer. For each creditor Accept the offer' is weakly but not strictly dominated by'Refuse the offer Suppose that an individual has two debts of $15,000 each to two different creditors, but has only $25,000 in assets to pay the debts. If the individual defaults on their debts, they will lose all of their assets, but the legal costs of filing for bankruptcy and liquidating the assets will total $15,000. The creditors will split the remaining proceeds (each receiving $5,000) Suppose that both creditors know all of these details. The individual drafts a letter offering $5001 to each creditor only if they both agree to cancel the debts. Otherwise, the individual will legally be in default Write a normal form game where the two players are the creditors and each has the strategy of accepting (A) or refusing (R) the above offer. Which statement below accurately describes the game. For each creditor 'Refuse the offer' is weakly but not strictly dominated by 'Accept the offer. For each creditor, neither strategy dominates the other For each creditor 'Accept the offer' is strictly dominated by'Refuse the offer'. For each creditor 'Refuse the offer' is strictly dominated by 'Accept the offer. For each creditor Accept the offer' is weakly but not strictly dominated by'Refuse the offer