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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
8 @) l8 T; @ A4 [8 U, O BLearning Outcome Statements (LOS) O2 r) m. C# g% R' E
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0 N1 _/ P- W# ?9 L; X6. The following equations have been developed for a company:* d7 H) F0 f; }6 {6 Q
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The profit maximizing output for this firm (in units) is closest to: % @% b u* d0 m* b; ]
A. 7 , Q4 @1 _) e4 E! l# Z- E( D
B. 8
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登录回复后可见：答案和详解# L9 ^: F* C" D
Answer：A
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7. Consider the following data for a firm operating in perfect competition.
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7 b, b; L# t! u2 ]2 h+ hThe firm’s profit-maximizing output ( in units) is most likely:
& a1 G' m3 T% rA. 21 |5 ]8 ?' @) G/ Y
B. 23
# C4 e) ^% }7 p8 h7 ]C. in excess of 24
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! r- Y' x) O9 B% S' M8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
) c5 ~3 V" l4 p& c2 Y8 mA. HHI is a useful measure of potential barriers to entry
+ l# n, x3 Z# _4 kB. Low control over prices is characteristic of oligopolies 4 P8 L: r& K* @5 `+ L/ @ H' O
C. An HHI value of 0.006 indicates that a market is highly competitive. d8 n c, L6 _2 _1 U
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.
( N& [( m/ P/ ^8 ]* kA 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 K2 g; ~, E6 J$ U6 H7 b5 {: l
B is incorrect; oligopolies have highly control over prices. / q$ b& W4 n7 z* x; ^+ J
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- C6 W5 l3 S/ o/ z0 E5 ^& |. l9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? ' \( b& s5 L- m" \ r8 ]5 p( M7 D
A. Price decreases
1 s$ W. @- ^$ x2 x# tB. Firms incur economic losses
( b5 X* S2 x' M) A7 ?C. The number of firms decrease* m1 q3 H3 e8 }$ x5 W1 L" T) n+ I8 U
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% ?, e9 l: r' S6 C& `' O: P) P10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: : w- y' [8 `0 s+ |1 \# E) o) n5 I
A. Both output and prices $ I; \1 |* P4 d3 X
B. Output and a decrease in prices
# N% i9 J5 L# D# i: y; QC. Prices and a decrease in output
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. l' z m- Z( w& \# c" r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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