Refer article below to assess the strategies taken by OPEC.

REFERENCES:

https://www.malaymail.com/news/money/2020/07/29/end-game-for-oil-opec-prepares-for-an-age-of-dwindling-demand/1889053

Question:

a)Describe the type of game that is involved between OPEC and its rival. (Note: You have to identify the rival in the game analysis of OPEC strategies).

b)Draw the payoff matrix with the appropriate payoffs.

c)Assume OPEC as the Player 1 moves first, analyse the game tree and explain the result observed.