QUESTION 13 ote: No referencing is required for short answer questions. e following market is a duopoly populated only by the companies Alpha and Beta. The pay-off matrix immediately below shows the mbinations of pricing strategies available to the two companies. The numbers represent millions of dollars in profit. (The negative sign dicates a loss.) Alpha High price Low price Beta High price 100, 200 200, 100 Low price -50, 250 0, 100 suming Alpha and Beta act in their own self-interest, explain what will be the most likely pay-off for these firms in (i) a one-shot game, and (ii) infinitely repeated game. Make reference to the concept of Nash equilibrium in your answer.

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