Question 4.1 to 4.2 is based on the diagram below relating to market structures. The Spectrum of Competition Many firms Many firms Few firms One firm 4.1 List the order of the market structures starting from left to right. (8) 4.2 Explain, choosing the ONE relevant diagram between Diagram A and Diagram B below, the long-run profit maximizing position of firms in the fourth market structure. (Read the order of the market structures from left to right) (7) MC AC P1 M1 PI Price Profit K1 C1 MR D = AR Q Q1 MR Quantity nt DIAGRAM A DIAGRAM B