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lest: Exam 3 Time Remaining: 01:27:59 Submit Test This Question: 2 pts 30 of 50 (15 complete) This Test: 100 pts possible Suppose OPEC has only two producers, Saudi Arabia and Ecuador. Saudi Saudi Arabia ("S") Arabia has far more oil reserves and is the lower - cost producer compared to Ecuador. The payoff matrix shows the profits earned per day by each Low output High output country. "Low output" corresponds to producing the OPEC assigned quota "'S" earns "S" ears and "high output" corresponds to producing the maximum capacity beyond the assigned quota. Low $100 million output "E" eams "E" earns $75 million What is the Nash equilibrium in this game? or ("E") $ 15 million $9 million 'S" eams "S" earns O A. In the Nash equilibrium both Saudi Arabia and Ecuador produce a High $80 million $60 million low output and earn a profit of $100 million and $15 million Is output "E" earns "E" earns respectively. $22 million $15 million O B. In the Nash equilibrium Saudi Arabia produces a low output and earns a profit of $80 million and Ecuador produces a high output and earns a profit of $22 million. O C. In the Nash equilibrium both Saudi Arabia and Ecuador produce a high output and earn a profit of $60 million and $15 million respectively. O D. There is no Nash equilibrium. Click to select your