2. The following four figures show different possible patterns in data describing the widget industry. For each figure, there is a question. a. What oligopoly model could generate the following data? Explain. Price 2 3 4 5 6 Number of firmsb. Suppose that the widget industry is a duopoly. What model would generate the following market share data for Firm 1? What set of events explains the movements of Firm 1's market share over time, under this model. Firm 1 share % 100 50 110 t1 Time 0. Does the following gure imply that the widget industry has barriers to entry? Explain. Industry Profit Unit costs (1. Suppose that you know the equilibrium price of widgets and also outputs for each rm. However, you do not know marginal cost. What model could generate the data in the following gure for Firm 1? Explain. Firm 1 Price 50 l 2 3 4 5 # of widget producers