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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点$ j3 S- ? [ i! D5 C0 m+ ?, H
Learning Outcome Statements (LOS) ) D% E1 I8 N! y+ l7 {" G }
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6. The following equations have been developed for a company:3 E T9 @7 i& x1 B- Y) R8 P
4 ^* l9 i# \& x/ ^The profit maximizing output for this firm (in units) is closest to:
, c% E; H/ b& f l5 hA. 7 5 T' e& D9 u/ }: J
B. 8
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" {, m) L0 [: n9 r5 f登录回复后可见：答案和详解
3 q$ {* ?3 w& k. I& AAnswer：A
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* _ C0 Y; y7 t+ F8 y; j) `; z n8 t) W7. Consider the following data for a firm operating in perfect competition.2 G5 _# B6 b! S& r- [6 `
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The firm’s profit-maximizing output ( in units) is most likely: 1 F. e' X3 v. t5 ~( o
A. 21
) E _- M. ]. E8 }0 {0 mB. 23
7 i3 W, e h3 S. K2 a, @+ \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? ( y, z8 b5 l) d
A. HHI is a useful measure of potential barriers to entry , o/ @2 F7 u" R3 c3 R
B. Low control over prices is characteristic of oligopolies
$ }" r3 n* s2 N+ aC. An HHI value of 0.006 indicates that a market is highly competitive4 S' e+ e8 I9 D" F# Y
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.
1 X( Q0 c I, m" @& L F$ N& V2 { v5 EA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry.
; J6 s4 F# u7 F, fB 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?
' z9 B) w7 g. \7 D6 m3 W6 T( qA. Price decreases " w+ q2 \- h6 @6 b) {; C
B. Firms incur economic losses
# P* r y- u; K$ k- K% A0 ]/ L3 YC. The number of firms decrease! U) I' {) c( E6 n' k
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10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in:
4 }8 b) H/ D" G/ N3 z8 [! ]' EA. Both output and prices
- D" Y) R+ c" g! N H) [) ?/ VB. Output and a decrease in prices ^0 }5 @3 R/ s" R' G/ H9 R
C. Prices and a decrease in output
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% ^2 V7 A, q* }6 Y$ @更多CFA习题可关注：高顿CFA题库.
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