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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点; L6 j8 Z7 E. {3 U* f
Learning Outcome Statements (LOS) 7 {$ y( j R Y, A
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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:
4 b2 S* j# \) X6 K- aA. 7 l. g& A2 u0 ]! t+ n" p' h
B. 8 ) J8 n7 s. l- B; s! y" p
C. 11 / }) m5 U* F4 d( M E
登录回复后可见：答案和详解
( [0 R6 G9 ~! PAnswer：A" x0 g2 y+ d! W; ~* \1 I
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3 U- X0 h8 P& r% e' `) U7. Consider the following data for a firm operating in perfect competition.
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# D0 q0 X& O% b# \! z6 v7 ]: VThe firm’s profit-maximizing output ( in units) is most likely:
" G4 R: @8 P" @! l M3 F* sA. 21 & C: K+ Z1 I+ X6 N( n; L7 W
B. 23
2 h% Q& v' ^5 z0 n3 D8 I, |# t" kC. 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?
1 c' j; H& l. e9 n1 L. Y. [" V& {& mA. HHI is a useful measure of potential barriers to entry ' m: m1 R9 K# m: |( M) ?* s
B. Low control over prices is characteristic of oligopolies
7 i# ^, v u# x8 m+ JC. An HHI value of 0.006 indicates that a market is highly competitive0 F- H# P: U. Z/ i
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.
1 v" `$ a- @! q4 E$ jA 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 c5 n/ k5 P# z5 K; C: E! P
B is incorrect; oligopolies have highly control over prices.
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand?
. ~& `$ t# N& m, V; ^+ ~. E _A. Price decreases 9 v' L. X* `. X. x
B. Firms incur economic losses , U* }3 [, ~8 z A* z
C. The number of firms decrease$ P/ Z2 ]. g0 r2 t8 n; S
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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: % Y" b0 B7 Q% h# \, _6 H* M
A. Both output and prices 6 s& L2 A1 u( j( W- i. m
B. Output and a decrease in prices 2 [2 a& n1 B& Z* X6 D1 Y5 K
C. Prices and a decrease in output$ u2 R H- h0 a: r) R* v
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