Cartels Such as OPEC Are Difficult to Maintain Because Cheating

question 62

True/False

Cartels such as OPEC are difficult to maintain because cheating is a dominant strategy for all firms involved.

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Definitions:

Self-actualization

A concept in psychology representing the realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Maslow

Abraham Maslow was an American psychologist who created the hierarchy of needs, a theory in psychology proposing that human actions are motivated by the fulfilment of needs ranging from the most basic physiological to self-actualization.

Belongingness

Belongingness is the human emotional need to be an accepted member of a group, whether it is family, friends, co-workers, or a larger organization.

Maslow

American psychologist who developed the hierarchy of needs, a theory in psychology that prioritizes fundamental human wants and desires crucial for individual growth.