Firm 1 and Firm 2 manufacture blankets. They compete in quality. Given their payoff matrix, identify each firm's best response to its rival's actions. What is the Nash equilibrium? If Firm 2 picks low, then Firm 1 should pick high , if Firm 2 picks medium, then Firm 1 should pick high , and if Firm 2 picks high, then Firm 1 should pick low . If Firm 1 picks low, then Firm 2 should pick medium , if Firm 1 picks medium, then Firm 2 should pick high , and if Firm 1 picks high, then Firm 2 should pick low . What is the Nash equilibrium? The Nash equilibrium is for Firm 1 to pick ▼ and for Firm 2 to pick
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Firm 1 and Firm 2 manufacture blankets. They compete in quality. Given their payoff matrix, identif...
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