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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
! H2 b4 v' H- D; X! _4 SLearning Outcome Statements (LOS) - r+ V- C, W, Z' m
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6. The following equations have been developed for a company:, Q, w( e4 @) z, M) W: k3 N8 s4 [
" y/ l4 q. o7 @The profit maximizing output for this firm (in units) is closest to:
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B. 8 % e: v9 O. Z4 N4 X( y
C. 11 4 Z! C4 J4 E) V8 Q
登录回复后可见：答案和详解+ O7 S& T8 S* @+ Y! N, Y0 h5 |
Answer：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: * ?6 ^" C* v) g4 z% k* m# {5 V+ J
A. 21
5 K$ `! I# I8 o$ e' `- {B. 23 % w0 J7 p4 E1 z# \
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?
7 g; G# Y. _( C9 B' f" ]A. HHI is a useful measure of potential barriers to entry
1 c3 X4 {/ U \2 v: d, X. qB. Low control over prices is characteristic of oligopolies ! S9 [1 ~4 [9 O, L" e- O
C. An HHI value of 0.006 indicates that a market is highly competitive. i9 w) q* P) Y
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.
! O- q) _* b/ B- |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.
) C4 q3 f, h1 U/ F* H GB is incorrect; oligopolies have highly control over prices. ! G7 q( E" ~; z( u% ]1 y# o! c
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9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? , G, x, C" D6 R" O( D
A. Price decreases . a4 B2 C. l7 D7 [2 ^* x
B. Firms incur economic losses
! Y% V4 w; d5 J e/ \& E: MC. The number of firms decrease. i& V B0 _6 t/ p
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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: 3 [8 U; s% ^0 [9 j8 \2 `6 J
A. Both output and prices
" E4 r6 `) v" ^B. Output and a decrease in prices
) `( _7 k0 Y+ j% CC. Prices and a decrease in output% a1 z' G8 ]5 l# H( d! f# E
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