When the cutthroat oligopolist raises their prices, their competitors will ___________.

An oligopoly using a maximin strategy must believe that the losses from underestimating a competitor's skill are worse than those from overestimating it

a. True b. False Indicate whether the statement is true or false

Which of the following will result in an upward rotation of the consumption function?

a. A decrease in the proportional tax rate on income b. An increase in consumer income c. An increase in the flat tax rate d. A decrease in the flat tax rate