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| 8.Consider a price fixing agreement between Spain and Italy that restricts cheese production such that maximum economic profit will be realized by both countries. The possible outcomes of the agreement are presented in the table below. Based on the Prisoners’ Dilemma framework, the most likely strategy followed by the two countries will be: A:A:neither country will increase output B:B:Italy will increase output; Spain will produce at the agreed level. C:C:both countries will increase output. |
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