(Solved): Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the prof ...

Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. If both firms collude to maximize joint profits, the total profits for the two firms will be Multiple Choice \$1,400,000. \$1,250,000. \$1,200,000. \$1,500,000.