OPEC Can Be Classified as Which of the Following

question 120

Multiple Choice

OPEC can be classified as which of the following?
(i) a group whose concern is to control production levels of oil
(ii) a group of oligopolists
(iii) a cartel

• A)(i) and (ii)
• B)(ii)and (iii)
• C)(i) and (iii)
• D)(i), (ii) and (iii)

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Definitions:

Tit-For-Tat Strategy

A strategy in game theory where a player replicates an opponent's previous move, typically used in iterative situations to foster cooperation.

Price Wars

A competitive strategy where companies continuously lower prices to undercut competitors, often at the expense of profit margins.

Competing

Competing involves entities, such as businesses or individuals, striving against each other to achieve a goal, such as market dominance or higher sales.

Payoff Matrix

A table that shows the potential outcomes and payoffs resulting from different decisions or strategies in a strategic game.