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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点/ M# z; l" [# t9 j
Learning Outcome Statements (LOS) 0 @* I- z& d& x: f; k0 f3 L7 I9 I4 q
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6 }4 ]' i+ E9 }6. The following equations have been developed for a company:: {' @ B' g" i6 k$ a
6 p9 }6 u* }1 p1 gThe profit maximizing output for this firm (in units) is closest to: ) y( G4 u( a. n5 G Q
A. 7
6 {6 T8 T/ r# j0 m: zB. 8
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登录回复后可见：答案和详解
& R' V, b) L( F, ]7 ~Answer：A6 K; }8 ^4 R$ P* O
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7. Consider the following data for a firm operating in perfect competition.
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9 U0 n( D4 K: y8 k& |! mThe firm’s profit-maximizing output ( in units) is most likely: 6 S& U3 Q5 e. m ]
A. 21
$ s1 x! M8 O: [, NB. 23
8 e2 v' T+ |" t R/ qC. in excess of 24 9 O( t( @5 Z, E6 Z: V
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3 ^& u! i) S& Z" Q' I$ c& {6 c8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
' O7 u. } P# B! W" M# m3 JA. HHI is a useful measure of potential barriers to entry
( G( z- [# I" K: R% rB. Low control over prices is characteristic of oligopolies 4 `; R: ]5 v- W4 q8 x2 W( T1 M6 v" a
C. An HHI value of 0.006 indicates that a market is highly competitive
( v1 k: w6 j* wAnswer：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. : E Q4 q* z! ^$ L
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. 1 S5 J" A& Z9 R9 j4 ~4 n
B is incorrect; oligopolies have highly control over prices.
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: Q5 b) ^" k% K9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
+ s, h! o8 W( h! n6 K9 j) d; K6 tA. Price decreases
, N. N9 G/ Y- h# ?) a/ kB. Firms incur economic losses
+ R% u. u8 C5 B1 D- V3 ?, A% t tC. The number of firms decrease
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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: , R5 u K; _1 z G5 b* d
A. Both output and prices
2 s1 C# h+ V6 b; M1 ^B. Output and a decrease in prices
* o" f: Y) `9 tC. Prices and a decrease in output
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