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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点, t( G! U# v( P9 g' A9 I4 c6 y' e4 \
Learning Outcome Statements (LOS) * b! X2 B2 u3 q0 t6 ?% F
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/ i$ v x1 m. _8 A# M0 T6. The following equations have been developed for a company:3 u% F8 D5 D. [* V' T
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The profit maximizing output for this firm (in units) is closest to:
9 L) Y! D! g8 A: ~' @A. 7 # c: D9 h4 ?# A8 {- K X" {
B. 8 1 W o! x7 h' z, K& c) t$ i
C. 11 ( p1 g1 s1 E9 R. s) H% R5 _9 i4 V: y
登录回复后可见：答案和详解- b- c. Z3 K6 I2 [$ f
Answer：A3 g1 a, b1 d% x) R5 L
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7. Consider the following data for a firm operating in perfect competition.& g6 k, Y6 o. I) X! d$ c6 k
! R9 T+ }$ o: d# E: XThe firm’s profit-maximizing output ( in units) is most likely: ' `( C5 V5 j5 c0 g
A. 21
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C. in excess of 24
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate? 8 k& o; o0 d+ y4 |+ i" a0 _" @
A. HHI is a useful measure of potential barriers to entry
1 z/ i$ H' `/ f* ], A0 @+ RB. Low control over prices is characteristic of oligopolies , c& r8 f2 u: \ y; U% O' k
C. An HHI value of 0.006 indicates that a market is highly competitive6 ?5 O1 ]. o( z! U! ^
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.
. ?8 K4 f$ u( m! H/ L% }4 LA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry. 2 V( ^. M) ]' r6 D
B is incorrect; oligopolies have highly control over prices.
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? ' w+ g+ } l% F! H7 x7 o h( r
A. Price decreases
" `9 o9 p" f. \" \/ F% V9 k$ \1 OB. Firms incur economic losses . C9 v; x, ?& ^6 X
C. The number of firms decrease
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, b% G: \4 ^: j2 E. z5 Z! Q10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: 2 n& ?+ {5 f0 Q# d/ p2 Y8 V7 [6 y
A. Both output and prices
+ j% O' N- _) @2 s1 [5 H' ?, hB. Output and a decrease in prices 3 F+ }8 {6 p j9 L0 `
C. Prices and a decrease in output
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