Player 1 and Player 2 Are Playing a Game in Which

Multiple Choice

Player 1 and Player 2 are playing a game in which Player 1 has the first move at A in the decision tree shown below. Once Player 1 has chosen either Up or Down, Player 2, who can see what Player 1 has chosen, must choose Up or Down at B or C. Both players know the payoffs at the end of each branch. What is the equilibrium outcome of this game?

A) Player 1 and Player 2 both choose Up.
B) Player 1 and Player 2 both choose Down.
C) Player 1 chooses Up and Player 2 chooses Down.
D) Player 1 chooses Down and Player 2 chooses Up.