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Explain why OPEC is caught in a prisoner's dilemma?
Comparative Advantage
The capability of a company, individual, or country to manufacture a product or offer a service with a reduced opportunity cost than competing entities.
Specialization
The process of focusing efforts and resources on a limited range of activities, goods, or services to gain efficiency or expertise.
Opportunity Cost
Declining the opportunity for potential benefits from a range of alternatives upon selecting one.
Cell Phones
Portable telecommunication devices that allow users to make voice calls and access various digital services over cellular networks.
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