Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC stick to the agreement, OPEC will earn profits of $200 million and Mexico will earn profits of $100 million. If both Mexico and OPEC cheat, then OPEC will earn $175 million and Mexico will earn $80 million. If only OPEC cheats, then OPEC earns $185 million and Mexico $60 million. If only Mexico cheats, then Mexico earns $110 million and OPEC $150 million. You may find it helpful to fill in the following payoff matrix in order to answer the question below.
OPEC
Cheat Abide
Cheat
Mexico
Abide
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests...
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