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:

	Italy Complies	Italy Defaults
Spain Complies	Spain gets €7 billion Italy gets €7 billion	Spain gets €3 billion Italy gets €9 billion
Spain Defaults	Spain gets €9 billion Italy gets €3 billion	Spain gets €5 billion Italy gets €5 billion