经济学原理对应练习-14.doc
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经济学原理对应练习-14.doc
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Chapter14/FirmsinCompetitiveMarketsv619
Chapter14
FirmsinCompetitiveMarkets
MultipleChoice
1. Amarketiscompetitiveif
(i) firmshavetheflexibilitytopricetheirownproduct.
(ii) eachbuyerissmallcomparedtothemarket.
(iii) eachsellerissmallcomparedtothemarket.
a. (i)and(ii)only
b. (i)and(iii)only
c. (ii)and(iii)only
d. Alloftheabovearecorrect.
ANS:
C PTS:
1 DIF:
1 REF:
14-1
TOP:
Competitivemarkets MSC:
Definitional
2. Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobein
a. acompetitivemarket.
b. astrategicmarket.
c. athinmarket.
d. apowermarket.
ANS:
A PTS:
1 DIF:
1 REF:
14-1
TOP:
Competitivemarkets MSC:
Definitional
3. Inacompetitivemarket,theactionsofanysinglebuyerorsellerwill
a. haveanegligibleimpactonthemarketprice.
b. havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.
c. causeanoticeablechangeinoverallproductionandachangeinfinalproductprice.
d. adverselyaffecttheprofitabilityofmorethanonefirminthemarket.
ANS:
A PTS:
1 DIF:
2 REF:
14-1
TOP:
Competitivemarkets MSC:
Interpretive
Table14-1
Quantity
Price
1
13
2
13
3
13
4
13
5
13
6
13
7
13
8
13
9
13
4. RefertoTable14-1.Thepriceandquantityrelationshipinthetableismostlikelythatfacedbyafirmina
a. monopoly.
b. concentratedmarket.
c. competitivemarket.
d. strategicmarket.
ANS:
C PTS:
1 DIF:
1 REF:
14-1
TOP:
Competitivemarkets MSC:
Analytical
5. RefertoTable14-1.Overwhichrangeofoutputisaveragerevenueequaltoprice?
a. 1to5
b. 3to7
c. 5to9
d. Averagerevenueisequaltopriceoverthewholerangeofoutput.
ANS:
D PTS:
1 DIF:
1 REF:
14-1
TOP:
Averagerevenue MSC:
Analytical
6. RefertoTable14-1.Overwhatrangeofoutputismarginalrevenuedeclining?
a. 1to6
b. 3to7
c. 7to9
d. None;marginalrevenueisconstantoverthewholerangeofoutput.
ANS:
D PTS:
1 DIF:
2 REF:
14-1
TOP:
Marginalrevenue MSC:
Analytical
7. RefertoTable14-1.Ifthefirmdoublesitsoutputfrom3to6units,totalrevenuewill
a. increasebylessthan$39.
b. increasebyexactly$39.
c. increasebymorethan$39.
d. Itcannotbedeterminedfromtheinformationprovided.
ANS:
B PTS:
1 DIF:
1 REF:
14-1
TOP:
Totalrevenue MSC:
Applicative
8. Forafirminaperfectlycompetitivemarket,thepriceofthegoodisalways
a. equaltomarginalrevenue.
b. equaltototalrevenue.
c. greaterthanaveragerevenue.
d. equaltothefirm’sefficientscaleofoutput.
ANS:
A PTS:
1 DIF:
1 REF:
14-1
TOP:
Marginalrevenue MSC:
Interpretive
9. Ifafirminaperfectlycompetitivemarkettriplesthenumberofunitsofoutputsold,thentotalrevenuewill
a. morethantriple.
b. lessthantriple.
c. exactlytriple.
d. Anyoftheabovemaybetruedependingonthefirm’slaborproductivity.
ANS:
C PTS:
1 DIF:
1 REF:
14-1
TOP:
Totalrevenue MSC:
Analytical
10. Becausethegoodsofferedforsaleinacompetitivemarketarelargelythesame,
a. therewillbefewsellersinthemarket.
b. therewillbefewbuyersinthemarket.
c. buyerswillhavemarketpower.
d. sellerswillhavelittlereasontochargelessthanthegoingmarketprice.
ANS:
D PTS:
1 DIF:
1 REF:
14-1
TOP:
Competitivemarkets MSC:
Interpretive
11. WhichofthefollowingisNOTacharacteristicofaperfectlycompetitivemarket?
a. Firmsarepricetakers.
b. Firmshavedifficultyenteringthemarket.
c. Therearemanysellersinthemarket.
d. Goodsofferedforsalearelargelythesame.
ANS:
B PTS:
1 DIF:
1 REF:
14-1
TOP:
Competitivemarkets MSC:
Interpretive
12. Whenbuyersinacompetitivemarkettakethesellingpriceasgiven,theyaresaidtobe
a. marketentrants.
b. monopolists.
c. freeriders.
d. pricetakers.
ANS:
D PTS:
1 DIF:
1 REF:
14-1
TOP:
Competitivemarkets MSC:
Definitional
13. Whenfirmsaresaidtobepricetakers,itimpliesthatifafirmraisesitsprice,
a. buyerswillgoelsewhere.
b. buyerswillpaythehigherpriceintheshortrun.
c. competitorswillalsoraisetheirprices.
d. firmsintheindustrywillexercisemarketpower.
ANS:
A PTS:
1 DIF:
2 REF:
14-1
TOP:
Competitivemarkets MSC:
Interpretive
14. Whichofthefollowingstatementsbestreflectsaprice-takingfirm?
a. Ifthefirmweretochargemorethanthegoingprice,itwouldsellnoneofitsgoods.
b. Thefirmhasanincentivetochargelessthanthemarketpricetoearnhigherrevenue.
c. Thefirmcansellonlyalimitedamountofoutputatthemarketpricebeforethemarketpricewillfall.
d. Price-takingfirmsmaximizeprofitsbychargingapriceabovemarginalcost.
ANS:
A PTS:
1 DIF:
2 REF:
14-1
TOP:
Competitivemarkets MSC:
Interpretive
15. Inacompetitivemarket,nosingleproducercaninfluencethemarketpricebecause
a. manyothersellersareofferingaproductthatisessentiallyidentical.
b
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