Please label graph correctly. It is illegal for any two firms that sell similar products to engage in price fixing agree

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Please label graph correctly. It is illegal for any two firmsthat sell similar products to engage in price fixingagreements. Violating the anti-trust laws can bring bothcivil and criminal prosecutions. Nevertheless, price fixingdoes take place. Examples would be found at the serviceplazas along the NY State Thruway and the NJ Turnpike. Eachlocation has a small number of fast food restaurants. Eachfast food restaurant belongs to a different firm, which shouldcreate competition, yet at service plazas all have uncommonly highprices. i) Draw a prisoner’s dilemma type ofgame (2x2) to show the pricing choices and strategies of twocompeting fast food restaurants, located at one serviceplaza. Payoffs are daily profits. Create sensiblenumbers. Write a brief explanation for the different numbersthat you have created. ii) Identify John Nash’sequilibrium, as well as the optimal outcome for the two fast foodoutlets. Also find and label any strictly dominantstrategies. iii) Actual long run pricing resultsat the service plaza may be contrary to the results predicted bythe 2x2 diagram from part A. Explain why actual results maydiffer in the long run. Why is competition between differentfirms unable to bring lower prices to the consumer at the serviceplaza?