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Business, 09.04.2020 03:02 ayeletstrauss

Bigbox and cheapstore are the only two firms in a market. each firm must decide whether to price high or price low. the payoffs from each strategy combination are shown to the right long dash— in millions of dollars. the first number in each pair is bigbox's profit; the second is cheapstore's profit. suppose that this is a repeated game; that is, the two firms must set prices every month, and thus they are interested in maximizing profits over time. if last month, bigbox set a high price, this month, cheapstore should set a ▼ high price low price . this is called

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