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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
n- A5 r: v' o1 S K5 _+ SLearning Outcome Statements (LOS)
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! F6 L7 I+ J) \7 p. O0 Z6. The following equations have been developed for a company:& T7 L% y$ `, y0 w
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The profit maximizing output for this firm (in units) is closest to: % m! f) w7 g# c/ Y# E$ @
A. 7
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C. 11 2 z8 ~. C8 i: R: [) b( @ e* T
登录回复后可见：答案和详解
, P/ e6 ^6 U# e" r6 d2 QAnswer：A4 S+ z- g1 ~" S3 o* v
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7. Consider the following data for a firm operating in perfect competition.
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" E3 ~0 d! D7 e. @. N" y1 B* Q* |The firm’s profit-maximizing output ( in units) is most likely:
, T' g! h6 R2 q$ R, ^' D2 `# mA. 21 9 u$ }& h. d s/ | Y9 p
B. 23
1 C7 M$ T3 ?6 D6 `C. in excess of 24
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. h0 o4 G* t: ]% y8 m. `9 g1 |8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
. n+ n% }. d& k @8 g) tA. HHI is a useful measure of potential barriers to entry
5 L% s0 D! `0 C2 SB. Low control over prices is characteristic of oligopolies
8 d7 x, \( R" [. s* ZC. An HHI value of 0.006 indicates that a market is highly competitive* I: e9 [9 R- T( c7 k
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. 6 `8 v5 x% C& m& B( H5 W" s$ b
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. - J- J. F! H9 ]: s
B is incorrect; oligopolies have highly control over prices. $ ~' v8 k, z: s
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( }3 I$ R) ~! ~1 ~ N0 J9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
( s! \: {0 ?( d' s$ X5 W1 n1 HA. Price decreases
4 G" C& y9 M( kB. Firms incur economic losses 0 d; b9 Z/ l( Y; w( O
C. The number of firms decrease) \! l; z. z. B5 W4 P+ l# e1 d
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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: ! V! e4 T0 C. o* W
A. Both output and prices ) \' Y9 q) f, Q# u
B. Output and a decrease in prices
/ R% Y: }5 q; _- z& z) }* |/ AC. Prices and a decrease in output
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