The following payoff table lists the profit/benefit of a buyer and a seller.

a. Suppose a simultaneous-move one-shot game. Does the buyer have a dominant strategy? How about the seller? What is the Nash equilibrium?

b. Suppose a sequential one-shot game where the seller acts first by choosing the price ($9, $8, or $6). The buyer observes and then decides the quantity of the good to purchase (2, 4, 6, or 8 units). What would be the outcome?

c. Suppose the buyer and seller are in a position to negotiate an agreement specifying price and quantity. Can they improve on the result in part (b)? Which price and quantity should they set?