24. Compared to the perfect competitor in the long run, the cutthroat oligopolist has a a) lower price and lower profits (LO3) b) higher price and higher profits c) higher price and lower profits d) lower price and higher profits 25. According to the theory of the kinked demand curve, if a firm were to raise its price, its competitors would . (LO3) andannole a) lower theirso got noneeight b) raise theirs c) keep theirs the same