Answer the next question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. Firm X High Price...

Extracted text: Answer the next question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. Firm X High Price Low Price X -$625 X $725 Y= $625 Y= $475 X-$475 X= $400 Y= $725 Y= $400 If both firms collude to maximize joint profits, the total profits for the two firms will be O A) $1,200,000. O B) $1,500,000. C) $1,400,000. OD) $1,250,000. Firm Y Low Price High Price