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Decreasing a tariff will be easier as part of a mutual agreement than a unilateral policy. Explain with the game theory (prisoner's dilemma) that free
Decreasing a tariff will be easier as part of a mutual agreement than a unilateral policy. Explain
with the game theory (prisoner's dilemma) that free trade will make both countries better-off
compared with doing trade procetion or trade war. Construct the payoff matrix and explain
the assumptions for that particular condition.
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