Using a payoff matrix to determine the equilibrium outcome suppose there are only two firms that sell smartphones: flashfone and pictech. the following payoff matrix shows the profit (in millions of dollars) each company will earn, depending on whether it sets a high or low price for its phones. pictech pricing high low flashfone pricing high 11, 11 2, 18 low 18, 2 10, 10 for example, the lower-left cell shows that if flashfone prices low and pictech prices high, flashfone will earn a profit of $18 million, and pictech will earn a profit of $2 million. assume this is a simultaneous game and that flashfone and pictech are both profit-maximizing firms. if flashfone prices high, pictech will make more profit if it chooses a price, and if flashfone prices low, pictech will make more profit if it chooses a price. if pictech prices high, flashfone will make more profit if it chooses a price, and if pictech prices low, flashfone will make more profit if it chooses a price. considering all of the information given, pricing high a dominant strategy for both flashfone and pictech. if the firms do not collude, what strategies will they end up choosing.