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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点) `- y; G0 d# a2 _9 R% n$ G Q: y
Learning Outcome Statements (LOS)
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2 f) H; C/ r( L9 y/ w& k6. 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:
0 A p, _! ?9 J i- P9 zA. 7 + y$ z3 _6 P) x5 r: \7 r4 M' l
B. 8 - d8 z( x- l4 Z j- a% |# U2 @
C. 11
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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:
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B. 23
6 C8 D' V5 \1 n M! P, w- l5 tC. in excess of 24 & `9 }# l6 ]% t F+ l% E
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* m8 h2 T+ x. F6 w, C& b9 z0 [8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
U" s( x2 d T' FA. HHI is a useful measure of potential barriers to entry * v8 G$ i7 }- o, S# O* n
B. Low control over prices is characteristic of oligopolies 5 s+ K& H Z6 L+ K M& }
C. An HHI value of 0.006 indicates that a market is highly competitive
0 J3 I8 p/ C0 Q$ |7 I; M6 PAnswer：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.
4 R( N$ B. {1 D. \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.
; l9 J. ?$ L! g( [/ D. v5 _B is incorrect; oligopolies have highly control over prices. 0 E7 t: ?8 P: |( ]5 v0 r2 u
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! Q9 ?- ?; o" w, R9. In perfectly competitive industries, what is the most likely long-run effect of a permanent decrease in demand? ; s9 S. I9 p- K
A. Price decreases
/ p& S. o; _& b6 g3 \' H* kB. Firms incur economic losses
f; {" A! M. h( u: \2 O0 ZC. 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: 8 ]2 u2 d2 l! l! V, ?. J# p
A. Both output and prices
3 }; Y9 S, T% `' b" v, r9 ^- @; AB. Output and a decrease in prices
6 f% M* F9 k/ _. r, v' y6 o: F3 u/ O5 KC. Prices and a decrease in output
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