Jun 10, 11 •
749 Views •
Behavioral Economics, Demand, Supply, and Markets, Developing Economies, International Trade and Finance, Macroeconomic Measurement, Thinking Economically •
Elaine Schwartz •
Faced with rising prices and pressure to increase production what should OPEC (the Organization of Petroleum Exporting Countries) do? They could not agree. Why? Maybe it’s the prisoners’ dilemma. Picture for a moment 2 (guilty) suspects.
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