Figures 1 Refer to Figures 1 to answer the following questions: MC MC AC 1. Refer to the figures (1). Allocation efficiency D = MR and productive efficiency are most likely to be achieved in MR Figure A Figure B A) Figure D. B) Figure A. D MC C) Figures A AC and C D) Figure B. MR MR E) Figure C. 0 Figure C 0 Figure D Q 2. Refer to the above figures. A cartel is most likely to occur in the industry(ies) represented by: A) Figure A. C) Figure C. E) both Figures B and D B) Figure B. D) Figure D. 3. Refer to Figures 1. We would expect industry entry and exit to be difficult in: A) Figure A. C) Figure C. E) Figures B and D. B) Figure B. D) Figures A and C. 4. Refer to Figures 1. Which firm(s) is/are most likely to be regulated: A) all four figures. D) Figures B and D. B) Figure B. E) Figure A. C) Figure D. 5. Refer to the above figures (1). Long-run economic profits do not occur in: A) Figures A and B. C) Figure C. E) Figure D. B) Figure B D) Figures B and D 6. When a firm is on the elastic segment of its demand curve, it can: A) decrease profits by increasing price. decrease total costs by decreasing price. ahw TONod decrease total revenue by decreasing price. increase total revenue by reducing price