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Two competing farms are deciding whether to plant a new, high-yield crop ('New') or stick with their traditional crop ('Traditional'). The payoff matrix below shows the potential profits for each farm based on their decisions. The first number in each cell represents the profit for Farm 1, and the second number represents the profit for Farm 2.
| Farm 2: New | Farm 2: Traditional | |
|---|---|---|
| Farm 1: New | (10, 8) | (12, 4) |
| Farm 1: Traditional | (6, 11) | (8, 7) |
Statement: For Farm 1, planting the 'New' crop is a dominant strategy.
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Two competing farms are deciding whether to plant a new, high-yield crop ('New') or stick with their traditional crop ('Traditional'). The payoff matrix below shows the potential profits for each farm based on their decisions. The first number in each cell represents the profit for Farm 1, and the second number represents the profit for Farm 2.
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