Figures 1-3 below show the price and quantity decisions made by individual profit-maximising firms of a similar size operating in different markets. Figure 1 Marginal cost Isoprofit curve Price Demand curve Quantity Figure 2 Marginal cost Price isoprofit curve isoprofit curve Demand curve QuantityFigure 3 AC Marginal cost Price Isoprofit curve Demand curve Quantity QUESTION 1 [ Max 150 words, 3 marks] Compare Figures 1-3. Answer the following with your reasoning. Which figure represents a firm with the most market power? . Which figure(s) represents a price-setting firm's profit maximisation? QUESTION 2 [ Max 100 words, 2 marks] Consider the market of strawberries in Australia. Which figure among Figures 1-3 represents the best the situation of an individual strawberry farmer? Explain within 100 words. Your answer must refer to the concepts of markup and the price elasticity of demand. (2 marks)