2) Yes (and ?Acquirement results are not necessarily artifacts)
3) Magic resistance would reduce the damage, but magic resistance is incredibly rare (the vast majority of winning characters never find a magic resistance item). Reflection gives a 75% chance to reflect any incoming bolts, including mana bolts; you will take no damage from a reflected bolt. Remember, though, that that still leaves a 25% chance of the mana bolt getting through...
Level up a bit more and your character will have to survive much worse than mana bolts

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