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CFA Level I:Economics - The Firm and Market Structures 精选题和学习要点
\( O% Y I d) y9 O! e' dLearning Outcome Statements (LOS) / r# l2 Q5 [+ N* Q( k8 X3 \
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/ w( K- c9 o/ [6. The following equations have been developed for a company:; B5 V) C% P, q+ H
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The profit maximizing output for this firm (in units) is closest to:
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B. 8 " R* z" y8 ^* j( ~: F- g* l
C. 11 + M7 ` A1 P' h( T
登录回复后可见:答案和详解
8 }" V1 F6 W4 {/ AAnswer:A- {* s8 l2 _: f2 N
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7. Consider the following data for a firm operating in perfect competition.; x$ Z) O/ `4 J+ p" n0 j
' P2 q- S. f7 k4 p) LThe firm’s profit-maximizing output ( in units) is most likely:
+ L! @4 l7 S3 M% f2 LA. 21 : P* I: J2 \' E. d$ a
B. 23
, A; \, P) x. oC. in excess of 24
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% _3 E6 s6 l. p4 \4 f8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate? + h, Z" D- c1 ^0 m& _7 ?# L+ k- ]
A. HHI is a useful measure of potential barriers to entry
% [ V Z/ v- x% D, @( n. FB. Low control over prices is characteristic of oligopolies
$ o* P3 g5 V. hC. An HHI value of 0.006 indicates that a market is highly competitive; F4 G) t5 w, Q$ ?$ l4 [: L
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. " M* X) M* n- t8 J$ w' q
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. 1 a: ]% o1 t: a2 _0 b C
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? : ]7 [, v, r8 d
A. Price decreases - X1 V% P4 p! f/ `: Z6 |- x% m- s3 V
B. Firms incur economic losses ' w: }$ i, `+ L* \
C. The number of firms decrease
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# H+ Q, Z/ J4 z" U4 s10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: , J! a% F# e3 k# M3 M
A. Both output and prices
: e3 T% [7 t$ f6 SB. Output and a decrease in prices
9 ]8 ^& s, Q4 ?# L0 R; D YC. Prices and a decrease in output
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