Question 3 [10 marks) OPEC (Organisation of the Petroleum Exporting Countries) represents one of the most successful cartels where oi l-producing oligopolies agree on their output to ensure protable crude oil pricing in the international market. However, in March 2020, we saw some cracks in the cartel as Russia rejected the demand of OPEC to cut its oil production. Following the fall-out, Saudi Arabia increased its output, which coupled with depressed international demand for crude oil resulted in a massive collapse in the prices in the first half of 2020. Considering this international incident, answer the following: 3) Why do oligopolists collude rather than fairly compete? (3 Marks) b) With reference to 'prisoners' dilemma' explain the incident of crude oil price collapse detailed above. (4 Marks) c) What is the impact of such collusion on consumer surplus? Why