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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点 |! v" S6 ] z0 X* J
Learning Outcome Statements (LOS) 1 H* P, d1 c9 R: [
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6. The following equations have been developed for a company:
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6 P$ @# C. r- o A1 I; z- H$ d, BThe profit maximizing output for this firm (in units) is closest to:
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C. 11
9 Q9 C2 ^, ?# P* U7 g$ k( W登录回复后可见：答案和详解& M& r$ O, O% K
Answer：A
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9 G, { n3 p6 [+ d) |2 ]7. Consider the following data for a firm operating in perfect competition.
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The firm’s profit-maximizing output ( in units) is most likely:
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B. 23
( _+ l1 `" v; ?2 jC. in excess of 24 * Z0 ]( s' k- m, c7 K K7 P
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
" Z& }; y* E" }/ t5 v3 O5 X8 g3 E( iA. HHI is a useful measure of potential barriers to entry
2 B' f9 F- z: Y/ x. l0 EB. Low control over prices is characteristic of oligopolies
) o8 b1 E. U# o( ~* r2 UC. An HHI value of 0.006 indicates that a market is highly competitive0 Z8 V) d0 x7 |' ^. 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. - @# {# q7 u8 J: D9 A
A is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry. " N( x! [3 C) `$ v( d$ q
B is incorrect; oligopolies have highly control over prices.
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) r+ U) Y" v% Y1 Y h2 L9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
/ s0 c* _1 x8 W+ c% lA. Price decreases
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C. The number of firms decrease
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; J J, n& @8 [0 ]5 |/ B10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in:
9 K7 [ D( C9 r5 i5 W- w5 n' @A. Both output and prices . Q% j. }% U% f% r+ T+ w% X( u
B. Output and a decrease in prices
/ ]( {8 ^+ C1 W' {C. Prices and a decrease in output
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