Consider the following payoff matrix. Firm 1 and Firm 2 are seeking to choose between Format A and Format B for their products. Which of the following statements best describes their profit-maximization? A. Since there are network effects, the firms would maximize profits if they both produced format A. B. Since there are network effects, Firm 1 would maximize its profit by producing format B and Firm 2 would maximize its profit by producing format A. C. Since there are no network effects, Firm 1 would maximize its profit by producing format B and Firm 2 would maximize its profit by producing format A. D. Since there are no network effects, the firms would maximize profits if they both produced format A.
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Consider the following payoff matrix. Firm 1 and Firm 2 are seeking to choose between Format A and F...
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