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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
) x0 V4 r+ G& f, B; p, ILearning Outcome Statements (LOS)
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) W9 Q# ~# M) n8 Y) h6. The following equations have been developed for a company:7 ? ~# Y9 r( y) b
" Q6 @. p. T5 K1 E% yThe profit maximizing output for this firm (in units) is closest to:
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C. 11
) o" b9 ^! a, ^* V N登录回复后可见：答案和详解
) ]' o4 C+ [& E( N+ gAnswer：A
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' Q' P& D. k1 s+ Q$ ]' c7. Consider the following data for a firm operating in perfect competition.8 n* o4 d7 A4 F9 U! V) f. H
* d. v9 x( `2 f/ Y! }/ SThe firm’s profit-maximizing output ( in units) is most likely: ) ^0 v7 Q# Y1 D0 u0 @
A. 21 ) J) ?8 G) j; T) I/ I$ p* X$ `
B. 23
8 o" ^& z' [3 L) KC. in excess of 24 8 @0 Z$ K- M2 U0 d. K$ N2 n
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
8 s5 ]4 g, `4 }% P" JA. HHI is a useful measure of potential barriers to entry : B4 B* e8 t( S" |: C2 c/ w' A! \
B. Low control over prices is characteristic of oligopolies
i: p- T; y9 O( E& AC. An HHI value of 0.006 indicates that a market is highly competitive% W% F9 W/ X9 l7 |8 A! R8 K& l n
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. ( A% n/ M" e0 O( p8 [
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.
/ @# @+ N% _8 f: k; gB 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?
5 @( e: j2 W8 U: f& K+ [A. Price decreases
I0 d e$ n. B" V6 _/ UB. Firms incur economic losses
6 {# Z* v& ]" c; {C. The number of firms decrease& }; k+ }8 b& \! X8 a
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( V6 Q9 d" i N+ \" A G10. As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in: * k. Q$ H w! z/ Y- Z
A. Both output and prices
K9 v, M7 M; n+ O: A4 XB. Output and a decrease in prices , c( `3 m* a9 X& R# z
C. Prices and a decrease in output* h9 J) D- h* x, Z1 `
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* A$ T9 u- t [. o" L6 |8 ], ~* E关注：这里是华尔街（ID:CFA-online）公众号，每天读点金融，离梦想近一点！* P9 p y2 O! i4 P1 F) \. J3 D3 N
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