Suppose that Angel and Ben own the only two professional photography stores in town. Each must choose between a low price and a high price for photo packages. The annual economic profit from each strategy is indicated in the table below:

Angel

Low price High price

Ben Low price Angel's profit = $20,000

Ben's profit = $20,000 Angel's profit = $4,000

Ben's profit = $23,000 High price Angel's profit = $25,000

Ben's profit = $5,000 Angel's profit = $22,000

Ben's profit = $25,000

a. Does Angel have a dominant strategy? Explain

b. Does Ben have a dominant strategy? Explain

c. Is there a Nash Equilibrium? Explain.