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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点+ `. D# B8 G$ T2 N/ K8 u& y: T
Learning Outcome Statements (LOS) 1 [% i) C; `/ K. f0 M% E
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6. The following equations have been developed for a company: @9 d5 c4 |% |; Q
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The profit maximizing output for this firm (in units) is closest to:
$ m! N7 \- p ^9 p4 |) wA. 7 " V1 }0 f5 r+ X+ h
B. 8
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8 B; U, B$ t- Z9 p! J( ^登录回复后可见：答案和详解: p% G3 ?" z( o, H5 Y( @' }
Answer：A5 @4 M) U+ j/ J
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* E9 |, N5 L1 e F7. Consider the following data for a firm operating in perfect competition." B" m( {, |, K; {: O1 G3 {" R
1 U4 i4 g! Q, \. u9 t, e- u: mThe firm’s profit-maximizing output ( in units) is most likely:
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B. 23 8 J, h& m a+ d; D' ?! \
C. in excess of 24
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) O1 X8 p2 Q7 ^- l: m& g8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
D+ {) i. N7 |+ o2 y0 iA. HHI is a useful measure of potential barriers to entry
- d/ v8 H+ y N1 a }1 B2 VB. Low control over prices is characteristic of oligopolies
. R% ]7 Q+ {8 a/ _$ TC. An HHI value of 0.006 indicates that a market is highly competitive3 i5 F" m- L0 }0 I8 O
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. H# l* o, ~8 d! b) T, V0 T
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. 7 B) V0 e5 H. @# t! T+ h9 k
B is incorrect; oligopolies have highly control over prices.
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3 M2 }4 h1 `) I: y# x' A2 W9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
9 H/ g* d- b0 G6 ?" |8 rA. Price decreases ! e: N- c; b+ _( h* ~& Z* B
B. Firms incur economic losses
6 P* B# w5 f9 ~& [+ }" |C. The number of firms decrease
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. |8 f$ P" U% u {* |; a5 @10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in:
, s- `1 w" C, r* r, LA. Both output and prices
6 b6 S/ C P. a: H- ^2 mB. Output and a decrease in prices
& |! ^- }- E& }7 \. fC. Prices and a decrease in output
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