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CFA Level I：Economics - The Firm and Market Structures 精选题和学习要点
7 F p- ~$ f1 V% O; ~" BLearning Outcome Statements (LOS) # S3 L i% f- m5 n$ {
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" `8 F( U/ t8 X: ], A) V' L6. The following equations have been developed for a company:3 z6 |# A6 J6 }0 z
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The profit maximizing output for this firm (in units) is closest to: 1 a4 a7 G) h' P+ i) ]$ o4 }
A. 7 4 N" F1 i3 C4 Y3 \
B. 8
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7 f: c& m3 o# V5 @% ]# c登录回复后可见：答案和详解' {. X" v2 u! h7 s1 A3 ?4 _
Answer：A
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7. Consider the following data for a firm operating in perfect competition.
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" l8 u" d0 a0 r/ H" z5 |The firm’s profit-maximizing output ( in units) is most likely:
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# D& K3 ?/ d! H5 M2 Q: K7 KB. 23
# ]+ _( @% A e! [C. in excess of 24 ' l, ~# T$ U7 W3 U& J7 F& S
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8. Which of the following statements concerning market structure and Herfindahl-Hirschman Index (HHI) is most accurate?
! ~; h! e6 ?4 m5 g) y/ ~& \A. HHI is a useful measure of potential barriers to entry
7 R. }5 _" u+ oB. Low control over prices is characteristic of oligopolies - J- Y6 a) ^1 G& b
C. An HHI value of 0.006 indicates that a market is highly competitive5 V+ X1 U& B3 c- {1 v
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. ; i( j$ ~* T! |: t0 q+ k$ l
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. ) w+ s: p; w7 N; O/ O
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?
9 Y8 l7 l3 X- |) mA. Price decreases 7 S, x: h$ K. g$ I
B. Firms incur economic losses - o! |0 p3 d! c& w- s$ i; F
C. The number of firms decrease& b9 Y1 J, I1 A6 X m" \7 @
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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: % S# c; \- P, x
A. Both output and prices + t- Y* t' K. ]* ]8 w
B. Output and a decrease in prices
; _5 [! h7 k5 v" {$ KC. Prices and a decrease in output/ S( E+ {1 {6 m" @
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