经济学原理对应练习 14.docx
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经济学原理对应练习 14.docx
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经济学原理对应练习14
Chapter14
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:
CPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Definitional
2.Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobein
a.acompetitivemarket.
b.astrategicmarket.
c.athinmarket.
d.apowermarket.
ANS:
APTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Definitional
3.Inacompetitivemarket,theactionsofanysinglebuyerorsellerwill
a.haveanegligibleimpactonthemarketprice.
b.havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.
c.causeanoticeablechangeinoverallproductionandachangeinfinalproductprice.
d.adverselyaffecttheprofitabilityofmorethanonefirminthemarket.
ANS:
APTS:
1DIF:
2REF:
14-1
TOP:
CompetitivemarketsMSC:
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:
CPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Analytical
5.RefertoTable14-1.Overwhichrangeofoutputisaveragerevenueequaltoprice?
a.1to5
b.3to7
c.5to9
d.Averagerevenueisequaltopriceoverthewholerangeofoutput.
ANS:
DPTS:
1DIF:
1REF:
14-1
TOP:
AveragerevenueMSC:
Analytical
6.RefertoTable14-1.Overwhatrangeofoutputismarginalrevenuedeclining?
a.1to6
b.3to7
c.7to9
d.None;marginalrevenueisconstantoverthewholerangeofoutput.
ANS:
DPTS:
1DIF:
2REF:
14-1
TOP:
MarginalrevenueMSC:
Analytical
7.RefertoTable14-1.Ifthefirmdoublesitsoutputfrom3to6units,totalrevenuewill
a.increasebylessthan$39.
b.increasebyexactly$39.
c.increasebymorethan$39.
d.Itcannotbedeterminedfromtheinformationprovided.
ANS:
BPTS:
1DIF:
1REF:
14-1
TOP:
TotalrevenueMSC:
Applicative
8.Forafirminaperfectlycompetitivemarket,thepriceofthegoodisalways
a.equaltomarginalrevenue.
b.equaltototalrevenue.
c.greaterthanaveragerevenue.
d.equaltothefirm’sefficientscaleofoutput.
ANS:
APTS:
1DIF:
1REF:
14-1
TOP:
MarginalrevenueMSC:
Interpretive
9.Ifafirminaperfectlycompetitivemarkettriplesthenumberofunitsofoutputsold,thentotalrevenuewill
a.morethantriple.
b.lessthantriple.
c.exactlytriple.
d.Anyoftheabovemaybetruedependingonthefirm’slaborproductivity.
ANS:
CPTS:
1DIF:
1REF:
14-1
TOP:
TotalrevenueMSC:
Analytical
10.Becausethegoodsofferedforsaleinacompetitivemarketarelargelythesame,
a.therewillbefewsellersinthemarket.
b.therewillbefewbuyersinthemarket.
c.buyerswillhavemarketpower.
d.sellerswillhavelittlereasontochargelessthanthegoingmarketprice.
ANS:
DPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
11.WhichofthefollowingisNOTacharacteristicofaperfectlycompetitivemarket?
a.Firmsarepricetakers.
b.Firmshavedifficultyenteringthemarket.
c.Therearemanysellersinthemarket.
d.Goodsofferedforsalearelargelythesame.
ANS:
BPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
12.Whenbuyersinacompetitivemarkettakethesellingpriceasgiven,theyaresaidtobe
a.marketentrants.
b.monopolists.
c.freeriders.
d.pricetakers.
ANS:
DPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Definitional
13.Whenfirmsaresaidtobepricetakers,itimpliesthatifafirmraisesitsprice,
a.buyerswillgoelsewhere.
b.buyerswillpaythehigherpriceintheshortrun.
c.competitorswillalsoraisetheirprices.
d.firmsintheindustrywillexercisemarketpower.
ANS:
APTS:
1DIF:
2REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
14.Whichofthefollowingstatementsbestreflectsaprice-takingfirm?
a.Ifthefirmweretochargemorethanthegoingprice,itwouldsellnoneofitsgoods.
b.Thefirmhasanincentivetochargelessthanthemarketpricetoearnhigherrevenue.
c.Thefirmcansellonlyalimitedamountofoutputatthemarketpricebeforethemarketpricewillfall.
d.Price-takingfirmsmaximizeprofitsbychargingapriceabovemarginalcost.
ANS:
APTS:
1DIF:
2REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
15.Inacompetitivemarket,nosingleproducercaninfluencethemarketpricebecause
a.manyothersellersareofferingaproductthatisessentiallyidentical.
b.consumershavemoreinfluenceoverthemarketpricethanproducersdo.
c.governmentinterventionpreventsfirmsfrominfluencingprice.
d.producersagreenottochangetheprice.
ANS:
APTS:
1DIF:
2REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
16.Acompetitivefirmmightchoosetosetitspricebelowthemarketprice,because
a.thiswouldresultinhigheraveragerevenue.
b.thiswouldresultinhigherprofits.
c.thiswouldresultinlowertotalcosts.
d.Noneoftheaboveiscorrect.
ANS:
DPTS:
1DIF:
2REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
17.Ofthefollowingcharacteristicsofcompetitivemarkets,whicharenecessaryforfirmstobepricetakers?
(i)Therearemanysellers.
(ii)Firmscanfreelyenterorexitthemarket.
(iii)Goodsofferedforsalearelargelythesame.
a.(i)and(ii)only
b.(i)and(iii)only
c.(ii)only
d.Allarenecessary.
ANS:
BPTS:
1DIF:
2REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
18.Supposeafirminacompetitivemarketproducesandsells8unitsofoutputandhasamarginalrevenueof$8.00.Whatwouldbethefirm'stotalrevenueifitinsteadproducedandsold4unitsofoutput?
a.$4.00
b.$8.00
c.$32.00
d.$64.00
ANS:
CPTS:
1DIF:
2REF:
14-1
TOP:
MarginalrevenueMSC:
Applicative
19.Supposeafirminacompetitivemarketreceived$1,000intotalrevenueandhadamarginalrevenueof$10forthelastunitproducedandsold.Whatistheaveragerevenueperunit,andhowmanyunitsweresold?
a.$5and50
b.$5and100
c.$10and50
d.$10and100
ANS:
DPTS:
1DIF:
2REF:
14-1
TOP:
AveragerevenueMSC:
Applicative
20.Wheneveraperfectlycompetitivefirmchoosestochangeitslevelofoutput,holdingthepriceoftheproductconstant,itsmarginalrevenue
a.increasesifMR
b.doesnotchange.
c.increases.
d.decreases.
ANS:
BPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivefirmsMSC:
Interpretive
21.Supposeafirminacompetitivemarketreducesitsoutputby20percent.Asaresult,thepriceofitsoutputislikelyto
a.increase.
b.remainunchanged.
c.decreasebylessthan20percent.
d.decreasebymorethan20percent.
ANS:
BPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Analytical
22.Changesintheoutputofaperfectlycompetitivefirm,withoutanychangeinthepriceoftheproduct,willchangethefirm's
a.totalrevenue.
b.marginalrevenue.
c.averagerevenue.
d.Alloftheabovearecorrect.
ANS:
APTS:
1DIF:
2REF:
14-1
TOP:
TotalrevenueMSC:
Analytical
23.Whenaprofit-maximizingfirminacompetitivemarkethaszeroeconomicprofit,accountingprofit
a.isnegative(accountinglosses).
b.ispositive.
c.isalsozero.
d.couldbepositive,negativeorzero.
ANS:
BPTS:
1DIF:
2REF:
14-1
TOP:
EconomicprofitMSC:
Interpretive
24.Asageneralrule,whenaccountantscalculateprofittheyaccountforexplicitcostsbutusuallyignore
a.certainoutlaysofmoneybythefirm.
b.implicitcosts.
c.operatingcosts.
d.fixedcosts.
ANS:
BPTS:
1DIF:
1REF:
14-1
TOP:
ImplicitcostsMSC:
Interpretive
25.Incalculatingaccountingprofit,accountantstypicallydon'tinclude
a.long-runcosts.
b.sunkcosts.
c.explicitcostsofproduction.
d.opportunitycoststhatdonotinvolveanoutflowofmoney.
ANS:
DPTS:
1DIF:
1REF:
14-1
TOP:
AccountingprofitMSC:
Interpretive
Scenario14-1
26.RefertoScenario14-1.Attheendofthefirstyearofoperatinghernewbusiness,Mary'saccountantreportedanaccountingprofitof$150,000.WhatwasMary'seconomicprofit?
a.$25,000loss
b.$50,000loss
c.$25,000profit
d.$150,000profit
ANS:
APTS:
1DIF:
2REF:
14-1
TOP:
EconomicprofitMSC:
Applicative
27.RefertoScenario14-1.WhatareMary'sopportunitycostsofoperatinghernewbusiness?
a.$25,000
b.$75,000
c.$100,000
d.$175,000
ANS:
DPTS:
1DIF:
2REF:
14-1
TOP:
OpportunitycostMSC:
Applicative
28.RefertoScenario14-1.HowlargewouldMary'saccountingprofitsneedtobetoallowhertoattainzeroeconomicprofit?
a.$100,000
b.$125,000
c.$175,000
d.$225,000
ANS:
CPTS:
1DIF:
2REF:
14-1
TOP:
EconomicprofitMSC:
Applicative
29.TheWheelerWheatFarmsellswheattoagrainbrokerinSeattle,Washington.Sincethemarketforwheatisgenerallyconsideredtobecompetitive,theWheelerFarmdoesnot
a.choosethequantityofwheattoproduce.
b.choosethepriceatwhichitsellsitswheat.
c.haveanyfixedcostsofproduction.
d.setmarginalrevenueequaltomarginalcosttomaximizeprofit.
ANS:
BPTS:
1DIF:
1REF:
14-1
TOP:
CompetitivemarketsMSC:
Interpretive
30.Inacompetitivemarket,
a.nosinglebuyerorsellercaninfluencethepriceoftheproduct.
b.thereisasmallnumberofsellers.
c.thegoodsofferedbythedifferentsellersaremarkedlydifferent.
d.accountingprofitisdriventozeroasfirmsfreelyenterandexitthemarket.
ANS:
APTS:
1DIF:
1REF:
14-1
TOP:
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