Arrange the following steps in the correct order to explain the concept of dominant strategies in game theory: A) Identify the payoffs for each player in the game, B) Explore the possible strategies available to each player, C) Determine if any player's strategy yields a higher payoff regardless of others' choices, D) Predict the likely outcomes based on the identified dominant strategies.

To understand dominant strategies in game theory, we first need to explore the possible strategies available to each player in the game. Next, we identify the payoffs for each player, which helps us see how different choices affect their outcomes. After that, we determine if any player's strategy gives them a higher payoff no matter what the other players choose; this is the dominant strategy. Finally, using the identified dominant strategies, we can predict the likely outcomes of the game. For example, if two companies are deciding whether to lower prices, and one company always benefits more by lowering its prices regardless of what the other does, that company has a dominant strategy.