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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
3 J. x- m& o7 @4 I' ~1 ]8 DLearning Outcome Statements (LOS)
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% T3 J. T | X$ s% v$ D9 \- V. j6. The following equations have been developed for a company:
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" u, w% r/ s1 j2 G. M9 p6 FThe profit maximizing output for this firm (in units) is closest to:
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B. 8 0 D8 x( ~' S5 u! c/ `% U& O; z7 I5 B1 j
C. 11 " E" Q* `) @9 ^: E# J
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Answer：A
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: s, A5 x5 @2 w3 v9 B7. Consider the following data for a firm operating in perfect competition.
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; l. Y4 u* ?( `# e2 V" n9 uThe firm’s profit-maximizing output ( in units) is most likely: 0 M/ Y. i3 u# O' D, |9 z/ O( a
A. 21
) ?5 K: g8 a- f& U: eB. 23
~( R: _6 E$ `9 \% TC. in excess of 24 - d4 A' m5 A& p4 b4 ]4 q" q
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate? - C. W1 i1 b; q2 {
A. HHI is a useful measure of potential barriers to entry
4 E" q# H7 n, U$ z9 IB. Low control over prices is characteristic of oligopolies , E( W. {1 H; @
C. An HHI value of 0.006 indicates that a market is highly competitive
4 J6 E3 ?/ d' Z! q+ E/ bAnswer：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.
7 U/ \; a4 m+ u. W8 @2 RA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry. $ j$ T1 b9 n: f
B is incorrect; oligopolies have highly control over prices. 5 ?# P+ M- _" g8 h" ^% q% F
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
) H+ T0 U* g) S% NA. Price decreases ! n5 F$ Z3 o! a. ~& F! d2 e* R9 v
B. Firms incur economic losses
: ~7 f6 |1 t t1 O4 K; y# fC. The number of firms decrease6 n, h1 m0 c) e0 x- r5 s
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. g4 {: t% E4 I; K3 O' z. h* K# |8 o10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: ' m- r6 ~, n. p5 o( k
A. Both output and prices
I" d7 Z; i; V- o& z$ [B. Output and a decrease in prices
( B7 x4 H9 n; M, r7 B4 }5 ~C. Prices and a decrease in output
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