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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
4 X3 G$ u- u9 W7 ELearning Outcome Statements (LOS)
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6. The following equations have been developed for a company:1 ]0 x9 E. `! z5 I# i
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The profit maximizing output for this firm (in units) is closest to: 2 @) ~! u7 a' s
A. 7 . a/ b4 R. k" t" Y3 ]. N/ ~- I% z2 J! e
B. 8 ' H3 h, e* c' X }+ @
C. 11
; d. Z! p8 f( p: w A0 \! e0 \, g登录回复后可见：答案和详解
; d+ q Y, t+ P( J' V k, A/ ^4 L, zAnswer：A! e* j- C4 m! ^8 C- S, _
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7. Consider the following data for a firm operating in perfect competition." ^; v! V# ?! ] o
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The firm’s profit-maximizing output ( in units) is most likely: ( @+ o+ i s ?0 z
A. 21 6 B; @# |: y; l6 @. j5 G8 C" R& m1 E
B. 23
4 `0 O5 C9 |! Z* xC. in excess of 24 7 r( U T* L. q4 i5 I
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. M* E+ W5 L, |$ o' e/ h8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
" y4 ~0 V$ T( p8 W) ZA. HHI is a useful measure of potential barriers to entry 4 B0 I! K, d+ @7 g8 J& m: U' d
B. Low control over prices is characteristic of oligopolies " l& r1 F9 u, Q1 [% Y
C. An HHI value of 0.006 indicates that a market is highly competitive
2 b$ E/ J6 Z& Q; g4 kAnswer：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. & g* @8 I, k2 \; |5 q: a7 @
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.
$ g6 O" ?: f2 f* @B is incorrect; oligopolies have highly control over prices. 3 d) z0 v/ L7 Y' b6 |
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- q1 B+ P& X T7 f9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? ! s( D. b3 _1 v+ l6 D- D
A. Price decreases * E/ @0 r# U2 G1 T
B. Firms incur economic losses
& s9 G& Y7 F, S! ^ c' L3 XC. The number of firms decrease
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}$ Y3 q: l# z10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: 2 E1 M5 s' m; G d! q/ x
A. Both output and prices
7 a" z/ k T- a$ _/ x" F3 z) SB. Output and a decrease in prices " o$ C- [) p+ b
C. Prices and a decrease in output
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