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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点/ c; @. C" ^9 T9 j$ V, G
Learning Outcome Statements (LOS)
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6. The following equations have been developed for a company:' v( W6 ?; c/ a: v( j
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The profit maximizing output for this firm (in units) is closest to: 2 Q( [! w/ t9 H: ?! R# H! F! P
A. 7
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C. 11
$ o8 k' F. W! K3 @1 S# F" v! c登录回复后可见：答案和详解- N# T) ^2 ?) s3 ~2 l7 A
Answer：A# N, ]. G* r& H u
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( p2 i" ]0 |- x& W$ s7. Consider the following data for a firm operating in perfect competition.6 J+ p: r& @3 K! G* ?7 c! D( w" Y
' [& ?) J7 N+ _- W& J8 VThe firm’s profit-maximizing output ( in units) is most likely:
6 n' a! f: ^, p- lA. 21
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C. in excess of 24
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7 ~) n, }$ n% b# N; }0 d8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
' S3 v j3 m% ~8 oA. HHI is a useful measure of potential barriers to entry
- Y' O0 T, q7 _$ W9 r) g$ TB. Low control over prices is characteristic of oligopolies / k: G. w* A- i; G
C. An HHI value of 0.006 indicates that a market is highly competitive
+ \7 I7 F$ J& X) |' b, @3 YAnswer：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. + R% O* D2 v& a6 c+ B' z
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. @5 v3 x7 t: ]8 d* b: u, l
B is incorrect; oligopolies have highly control over prices. - A% v3 R6 x* p; i
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" f/ V# {% \$ q" ?) l) l; W: q9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
* g- D# g& e4 }0 ]% o: {8 J& eA. Price decreases
& a; I- R% C' F, z7 VB. Firms incur economic losses
+ g' Y- L, S& C# R6 P LC. The number of firms decrease- g! K& E6 f& M8 G9 d& M
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. [; ^& |9 ]2 K- _10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in:
7 p" G* O! \8 [- g1 EA. Both output and prices
8 n% O: ]; N+ h: u) kB. Output and a decrease in prices
$ M1 I( W) M0 }, X6 R! a1 ~C. Prices and a decrease in output& D) d8 O4 j% d5 Q$ L7 }( U4 O" u
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