Table 1 -Refer to Table 1. Boitumelo and Yusuf Own the Only

Multiple Choice

Table 1

-Refer to Table 1. Boitumelo and Yusuf own the only two bicycle repair shops in town. Each must choose between a low price for repair work and a high price. The yearly economic profits from each strategy are indicated in the table. The figures on the right side of each rectangle indicate Boitumelo's profits; the figures on the left side indicate Yusuf's profits. Which of the following statements is correct for a one trial game?

A) The market equilibrium price is the high price.
B) A market equilibrium price cannot be established unless Boitumelo and Yusuf collude.
C) A market equilibrium price cannot be established without repeated trials.
D) The equilibrium price is the low price.