微观经济ch12.docx
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微观经济ch12.docx
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微观经济ch12
Chapter12PerfectCompetition
12.1WhatIsPerfectCompetition?
1)Perfectcompetitionoccursinamarketwheretherearemanyfirms,eachselling
A)anidenticalproduct.
B)asimilarproduct.
C)auniqueproduct.
D)acapital-intensiveproduct.
E)acompetitiveproduct.
Answer:
A
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
2)Whichoneofthefollowingdoesnotoccurinperfectcompetition?
A)Nosinglefirmcanexertasignificantinfluenceonthemarketpriceofthegood.
B)Therearemanybuyers.
C)Therearesignificantrestrictionsonentryintothemarket.
D)Sellersandbuyersarewellinformedaboutprices.
E)Establishedfirmshavenoadvantageovernewones.
Answer:
C
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
3)Aprice-takingfirmfacesa
A)perfectlyinelasticdemand.
B)downward-slopingmarginalrevenuecurve.
C)downward-slopingsupplycurve.
D)perfectlyelasticdemand.
E)downward-slopingdemandcurve.
Answer:
D
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
4)Inaperfectlycompetitivemarket,themarketdemandcurveisillustratedby
A)adownward-slopingcurve.
B)alinethatisverticalatthemarketoutput.
C)anupward-slopingcurve.
D)alinethatishorizontalatthemarketprice.
E)acurvethatisbowedtowardstheorigin.
Answer:
A
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
5)Theslopeofaperfectlycompetitivefirm'sdemandcurveis
A)infinity.
B)zero.
C)1.
D)greaterthan1.
E)negative.
Answer:
B
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
6)Apricetakerisafirmthat
A)mustloweritspriceifitwantstosellmoreoutput.
B)setsthemarketprice.
C)cannotinfluencethemarketprice.
D)isincurringaneconomicloss.
E)canraiseitspriceifitlowersoutput.
Answer:
C
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
7)Ifafirmfacesaperfectlyelasticdemandforitsproduct,then
A)itisnotapricetaker.
B)itwillwanttoloweritspricetoincreasesales.
C)itwillwanttoraiseitspricetoincreasetotalrevenue.
D)itsmarginalrevenuecurveishorizontalatthemarketprice.
E)itwillalwaysmakezeroeconomicprofit.
Answer:
D
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
Source:
StudyGuide
8)Marginalrevenueis
A)thechangeintotalquantitythatresultsfromaone-unitincreaseinthepriceofthegood.
B)thechangeintotalrevenuethatresultsfromaone-unitincreaseinthequantitysold.
C)economicprofitdividedbythequantitysold.
D)thechangeineconomicprofitthatresultsfromaone-unitincreaseinthequantitysold.
E)totalrevenueminustotalcost.
Answer:
B
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
Usethefigurebelowtoanswerthefollowingquestions.
Figure12.1.1
9)RefertoFigure12.1.1.Thefirmcompetesinaperfectlycompetitivemarket.CurveArepresentsthefirm's
A)totalfixedcostcurve.
B)averagefixedcostcurve.
C)averagevariablecostcurve.
D)totalrevenuecurve.
E)marginalrevenuecurve.
Answer:
D
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
10)RefertoFigure12.1.1.Thefirmcompetesinaperfectlycompetitivemarket.CurveAisastraightlinebecausethefirm
A)isapricetaker.
B)facesconstantreturnstoscale.
C)wantstomaximizeprofits.
D)hasperfectinformation.
E)hasconstantmarginalcost.
Answer:
A
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
Usethetablebelowtoanswerthefollowingquestions.
Table12.1.1
11)RefertoTable12.1.1whichgivesthedemandscheduleforaperfectlycompetitivefirm.Ifthefirmsells5unitsofoutput,totalrevenueis
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Answer:
C
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
12)RefertoTable12.1.1whichgivesthedemandscheduleforaperfectlycompetitivefirm.Ifthefirmsells6unitsofoutput,marginalrevenueis
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Answer:
A
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
13)RefertoTable12.1.1whichgivesthedemandscheduleforaperfectlycompetitivefirm.Ifthequantitysoldbythefirmrisesfrom5to6,marginalrevenueis
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Answer:
A
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
14)Forperfectcompetitiontoarise,itisnecessarythatmarketdemandbe
A)inelastic.
B)elastic.
C)perfectlyelastic.
D)largerelativetotheminimumefficientscaleofasinglefirm.
E)smallrelativetotheminimumefficientscaleofasinglefirm.
Answer:
D
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
Source:
StudyGuide
15)Assumethattheleathermarketisaperfectlycompetitivemarket.Themarketdemandcurveforleatheris________andeachindividualleatherproducer'sdemandcurveis________.
A)vertical;downwardsloping
B)downwardsloping;horizontal
C)downwardsloping;vertical
D)horizontal;horizontal
E)horizontal;downwardsloping
Answer:
B
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
16)Anexampleofaperfectlycompetitiveindustryisthe
A)airlineindustry.
B)beerindustry.
C)runningshoeindustry.
D)fastfoodindustry.
E)wheatindustry.
Answer:
E
Diff:
2Type:
MC
Topic:
WhatisPerfectCompetition?
17)Economicprofitequals
A)totalfixedcostplustotalvariablecost.
B)totalrevenueminusmarginalcost.
C)marginalrevenueminusmarginalcost.
D)totalrevenueminustotalcost.
E)totalrevenueminustotalvariablecost.
Answer:
D
Diff:
1Type:
MC
Topic:
WhatisPerfectCompetition?
18)Lin'sfortunecookiesareidenticaltothefortunecookiesmadebydozensofotherfirms,andthereisfreeentryinthefortunecookiemarket.Buyersandsellersarewellinformedaboutprices.Lin'sfortunecookiesoperatesina________market.
A)challenging
B)monopolistic
C)perfectlycompetitive
D)noncompetitive
E)perfectlycompetent
Answer:
C
Type:
MC
Topic:
WhatisPerfectCompetition?
Source:
MyEconLab
19)Lin'sfortunecookiesareidenticaltothefortunecookiesmadebydozensofotherfirms,andthereisfreeentryinthefortunecookiemarket.Buyersandsellersarewellinformedaboutprices.Thepriceofafortunecookieisdeterminedby________.Themarginalrevenueofafortunecookieequals________.
A)marketdemandandmarketsupply;price
B)theingredientsthatLin'susestoproducehisfortunecookies;averagetotalcost
C)thenumberofcookiesthatLin'sproduces;averagevariablecost
D)thefreshnessofthefortunecookies;averagefixedcost
E)marketdemandandmarketsupply;thepriceelasticityofdemand
Answer:
A
Type:
MC
Topic:
WhatisPerfectCompetition?
Source:
MyEconLab
20)Aperfectlycompetitivemarketischaracterizedby
A)firmsthatarepricesetters.
B)firmsthateachfaceadownward-slopingdemandcurve.
C)firmsthateachsellauniquegoodorservice.
D)buyerswhoareunawareofthepricechargedbyeachfirm.
E)norestrictionsonentryintothemarket.
Answer:
E
Type:
MC
21)Whenafirmisa"pricetaker,"thefirm
A)canchargeanypricethatitwantstocharge,thatis,"take"anypriceitchooses.
B)paysafixedpriceforallofitsfixedinputs.
C)willaccept("take")thelowestpricethatitscustomersoffer.
D)paysafixedpriceforallofitsvariableinputs.
E)cannotinfluencethemarketpriceofthegoodthatitsells.
Answer:
E
Type:
MC
12.2TheFirm'sOutputDecision
Usethetablebelowtoanswerthefollowingquestions.
Table12.2.1
1)RefertoTable12.2.1,whichgivesthetotalrevenuescheduleandtotalcostscheduleofaperfectlycompetitivefirm.Theshort-runequilibriumpriceofoneunitofthegoodis
A)$3.
B)$10.
C)$15.
D)$25.
E)$30.
Answer:
E
Diff:
3Type:
MC
Topic:
TheFirm'sOutputDecision
2)RefertoTable12.2.1,whichgivesthetotalrevenuescheduleandtotalcostscheduleofaperfectlycompetitivefirm.Themarginalrevenuereceivedfromthesaleofthe4thunitofoutputis
A)$3.
B)$15.
C)$10.
D)$120.
E)$30.
Answer:
E
Diff:
2Type:
MC
Topic:
TheFirm'sOutputDecision
3)RefertoTable12.2.1,whichgivesthetotalrevenuescheduleandtotalcostscheduleofaperfectlycompetitivefirm.Themarginalcostofincreasingproductionfrom4unitsto5unitsis
A)$14.
B)$128.
C)$100.
D)$25.
E)$30.
Answer:
A
Diff:
2Type:
MC
Topic:
TheFirm'sOutputDecision
4)RefertoTable12.2.1,whichgivesthetotalrevenuescheduleandtotalcostscheduleofaperfectlycompetitivefirm.Ifthefirmproduces2unitsofoutput,it
A)makesaneconomicprofitof$9.
B)makesaneconomicprofitof$60.
C)incursaneconomiclossof$9.
D)incursaneconomiclossof$60.
E)incursaneconomiclossof$69.
Answer:
C
Diff:
2Type:
MC
Topic:
TheFirm'sOutputDecision
5)RefertoTable12.2.1,whichgivesthetotalrevenuescheduleandtotalcostscheduleofaperfectlycompetitivefirm.Ifthefirmproduces3unitsofoutput,itwill
A)makeaneconomicprofitof$4.
B)makeaneconomicprofitof$90.
C)incuraneconomiclossof$4.
D)breakeven.
E)incuraneconomiclossof$86.
Answer:
A
Diff:
2Type:
MC
Topic:
TheFirm'sOutputDecision
6)RefertoTable12.2.1,whichgivesthetotalrevenuescheduleandtotalcostscheduleofaperfectlycompetitivefirm.Economicprofitismaximizedwhenthefirmproduces________unitsofoutput.
A)zero
B)7
C)3
D)6
E)5
Answer:
D
Diff:
2Type:
MC
Topic:
TheFirm'sOutputDecision
7)Afirmshutsdownifpriceis
A)aboveminimumaveragevariablecost.
B)belowminimumaveragevariablecost.
C)aboveminimumaveragefixedcost.
D)lessthanmarginalcost.
E)belowaveragetotalcost.
Answer:
B
Diff
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