Described as classical example of what type of market

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OPEC is described as a classical example of what type of market? Why have they had success and failure? If OPEC had only two members, Saudi Arabia and Kuwait use game theory to describe how much production each would supply to the market. What does dominant strategy mean in the context of this example? Usually, the above example is a onetime strategy. In the long run what will decide how much will ultimately be produced?

Reference no: EM13684682

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