Multiple Choice
The game matrix shown displays the payoffs associated with two firms: Firm 1 and Firm 2. These firms are in an oligopoly and they can choose to produce either a high quantity or a low quantity. 
What is the Nash Equilibrium for this game?
A) Both firms choose to produce a high quantity.
B) Both firms choose to produce a low quantity.
C) Firm 1 chooses to produce a high quantity and Firm 2 chooses to produce a low quantity.
D) Firm 1 chooses to produce a low quantity and Firm 2 chooses to produce a high quantity.
Correct Answer:
Verified
Correct Answer:
Verified
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