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Unformatted text preview: A game where pursuing dominant strategies results in noncooperation that leaves everyone worse off. OPEC (Organization of Petroleum Exporting Countries) is a Cartel-Tendency for cartels to breakdown b/c of Prisoners Theorem Cartel A group of firms that colludes by agreeing to restrict output to increase prices and profits. Dominant Strategy A strategy that is the best for a firm, no matter what strategies other firms use....
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- Fall '06