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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
2 u+ h) S0 B+ O9 ]! F5 tLearning Outcome Statements (LOS)
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6. The following equations have been developed for a company:
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The profit maximizing output for this firm (in units) is closest to:
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B. 8 5 K. ?- e8 s. K* \, m8 P
C. 11
) N. [5 l2 L C登录回复后可见：答案和详解
( n7 g8 Z+ a! K2 ]) k( F4 RAnswer：A
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7. Consider the following data for a firm operating in perfect competition.
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The firm’s profit-maximizing output ( in units) is most likely: 2 c3 `9 V: }0 I, [# ]
A. 21
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C. in excess of 24
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate? 6 s- n+ W6 x; o* P- k3 k3 |$ B
A. HHI is a useful measure of potential barriers to entry
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, q8 Z# e! a8 ?0 Y+ u- d/ R( h) dC. An HHI value of 0.006 indicates that a market is highly competitive2 i5 m+ M( J5 _6 O4 s3 [
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.
* C# e ]9 O1 AA is incorrect; HHI does not take the possibility to entry into account, so it’s not a useful measure of potential barriers to entry. ( R# I& M2 ]5 S2 K+ v, w8 I9 o
B is incorrect; oligopolies have highly control over prices.
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+ w# O8 ^6 ^3 d$ A( Z# O) {9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? 8 q; r3 n7 D/ ~7 C
A. Price decreases 3 i2 ~4 p' x6 L/ P4 I+ A: |
B. Firms incur economic losses 9 A7 f9 e& {2 p; p D Y5 t W
C. The number of firms decrease ^9 P0 i" W. E( k, x6 K- {0 Y1 O3 f! m
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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:
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B. Output and a decrease in prices
2 s+ K4 s3 _& V0 nC. Prices and a decrease in output: S! b- a' {: t( o0 p; v% E
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7 m8 ~5 A( g' A- e关注：这里是华尔街（ID:CFA-online）公众号，每天读点金融，离梦想近一点！
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