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Bank A Reduce DO not reduce Bank B Reduce Bank A earns $200 million prot Bank A earns $100 Million prot Bank B earns $200 million prot Bank B earns $350 million prot Do not reduce Bank A earns $400 Million prot Bank B earns $150 million prot Bank A earns $300 million prot Bank B earns $300 million prot a) If Bank A intends to maximize the prot, will it reduce its lending rates? Briey explain. (5 marks) b) If Bank B intends to maximize the prot, will Bank B reduce its lending rates? Briefly explain. (3 marks) o) Is there a Nash equilibrium to this rate reduction practice? If yes, what is it? (5 marks) d) Describe the characteristics of an oligopoly. (3 marks) e) Why do rms in an oligopoly nd it difcult to cooperate and not cheat on a cartel agreement? Brieyr explain. (4 marks) 1') Using a real-world example to Show your understanding of oligopoly