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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点9 Y: ]! D: T% \# @( U. b. B) P
Learning Outcome Statements (LOS) : z5 J3 R- x4 q
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: ~5 b( |; o% L& y& V* Q6. The following equations have been developed for a company:! Q+ q( I5 j ?5 Q. C9 }2 j& u
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The profit maximizing output for this firm (in units) is closest to: 4 Q7 {/ N$ Q5 b+ ]
A. 7 ) Z( v9 T' {. R6 {. X( N
B. 8 4 B! ]4 n+ h. D/ W
C. 11
7 Q9 N! R+ O! c& D* _6 W8 S登录回复后可见：答案和详解
% `- K; s/ v& nAnswer：A
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9 ?0 v/ `& {3 [ A6 U7. Consider the following data for a firm operating in perfect competition.3 a$ z7 g4 \! J0 E) ~5 U
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The firm’s profit-maximizing output ( in units) is most likely:
, \$ E" D* \/ DA. 21 ; D0 S% t8 H% i
B. 23
8 p$ r& s7 o1 O# H! TC. in excess of 24 * `% ] W; }1 @4 y
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
9 u. i# q# v0 m5 G' s8 { K! @A. HHI is a useful measure of potential barriers to entry % l$ C2 l" P/ z \1 k
B. Low control over prices is characteristic of oligopolies
" q I. K8 q# W+ w3 HC. An HHI value of 0.006 indicates that a market is highly competitive4 `& l% @* q' O: ^# J9 g
Answer：C; the HHI value of 0.006, which is very smaller, means that the concentration of this market is low, so it is highly competitive.
: ^/ \0 D( C/ V3 r3 cA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry.
" T! F# L y5 H8 _5 mB is incorrect; oligopolies have highly control over prices.
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j7 n9 e+ q. j/ u' G$ X9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
! \1 `( E; G1 j; b3 @A. Price decreases
: R! e8 b- A9 B2 w8 ?$ `B. Firms incur economic losses 1 Y4 \6 c" r# D/ k; v# y
C. The number of firms decrease
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f1 V; j! X) u' |10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: " @2 V9 ^* p1 Z3 z/ ~8 F
A. Both output and prices
3 d1 j' `" q- _- h1 Z: G" h i- b5 xB. Output and a decrease in prices
4 m8 T) c9 ~- m5 |& V- \9 fC. Prices and a decrease in output" [5 V/ v, g C* m1 Q; @1 G) C
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