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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点" E% B$ ?9 [1 B: E3 I E
Learning Outcome Statements (LOS)
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6. The following equations have been developed for a company:& j) G) T% e& Z5 g5 f/ F
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The profit maximizing output for this firm (in units) is closest to: 4 K |) i( {- E) X" x
A. 7
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$ a4 x0 F$ W+ I! vC. 11
/ H6 \* r& R/ a4 y: k- u( C登录回复后可见：答案和详解* j5 r7 V! Y6 W( I2 C
Answer：A
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& o7 @; a0 {. c" F* C1 o7. Consider the following data for a firm operating in perfect competition.5 Z# W+ A7 D0 ~: \0 f5 K$ x
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The firm’s profit-maximizing output ( in units) is most likely: 0 Z$ p+ t5 q' U$ x9 Z& ?! }
A. 21
% L# X, h" f' n5 u3 s5 @4 SB. 23
2 W+ ^4 L: K8 Z" z. o; fC. in excess of 24
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. ^. L3 M! e1 w; y( K/ g6 p) n7 Q4 U8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
7 W) m8 k6 B/ \4 WA. HHI is a useful measure of potential barriers to entry K/ c4 s1 V6 ?5 D4 B$ N2 }+ l/ ]; J
B. Low control over prices is characteristic of oligopolies
3 `) R* h3 y* xC. An HHI value of 0.006 indicates that a market is highly competitive
( v1 f5 Z' I9 H. N8 {6 oAnswer：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.
7 I: c, ^$ U4 R6 \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.
# T) Y; r1 _$ v5 f. g- ^B is incorrect; oligopolies have highly control over prices. & y1 I7 s" R1 h% n' g: M
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
8 g2 X# R5 @3 j; h# lA. Price decreases
; j% R3 e+ K. e g# p5 r! {B. Firms incur economic losses
1 ?" T) D4 J; i/ gC. 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:
, U' n- I2 W# j2 Y1 \A. Both output and prices
& U6 \( i! O& b/ YB. Output and a decrease in prices
6 ~! T* K* S% l& s l1 oC. Prices and a decrease in output
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