经济学原理对应练习 14

574Chapter14FirmsinCompetitiveMarketsMultipleChoice1.Amarketiscompetitiveif(i)firmshavetheflexibilitytopricetheirownproduct.(ii)eachbuyerissmallcomparedtothemarket.(iii)eachsellerissmallcomparedtothemarket.a.(i)and(ii)onlyb.(i)and(iii)onlyc.(ii)and(iii)onlyd.Alloftheabovearecorrect.ANS:CPTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Definitional2.Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobeina.acompetitivemarket.b.astrategicmarket.c.athinmarket.d.apowermarket.ANS:APTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Definitional3.Inacompetitivemarket,theactionsofanysinglebuyerorsellerwilla.haveanegligibleimpactonthemarketprice.b.havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.c.causeanoticeablechangeinoverallproductionandachangeinfinalproductprice.d.adverselyaffecttheprofitabilityofmorethanonefirminthemarket.ANS:APTS:1DIF:2REF:14-1TOP:CompetitivemarketsMSC:InterpretiveTable14-1QuantityPrice1132133134135136137138139134.RefertoTable14-1.Thepriceandquantityrelationshipinthetableismostlikelythatfacedbyafirminaa.monopoly.b.concentratedmarket.c.competitivemarket.d.strategicmarket.ANS:CPTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:AnalyticalChapter14/FirmsinCompetitiveMarkets5755.RefertoTable14-1.Overwhichrangeofoutputisaveragerevenueequaltoprice?a.1to5b.3to7c.5to9d.Averagerevenueisequaltopriceoverthewholerangeofoutput.ANS:DPTS:1DIF:1REF:14-1TOP:AveragerevenueMSC:Analytical6.RefertoTable14-1.Overwhatrangeofoutputismarginalrevenuedeclining?a.1to6b.3to7c.7to9d.None;marginalrevenueisconstantoverthewholerangeofoutput.ANS:DPTS:1DIF:2REF:14-1TOP:MarginalrevenueMSC:Analytical7.RefertoTable14-1.Ifthefirmdoublesitsoutputfrom3to6units,totalrevenuewilla.increasebylessthan$39.b.increasebyexactly$39.c.increasebymorethan$39.d.Itcannotbedeterminedfromtheinformationprovided.ANS:BPTS:1DIF:1REF:14-1TOP:TotalrevenueMSC:Applicative8.Forafirminaperfectlycompetitivemarket,thepriceofthegoodisalwaysa.equaltomarginalrevenue.b.equaltototalrevenue.c.greaterthanaveragerevenue.d.equaltothefirm’sefficientscaleofoutput.ANS:APTS:1DIF:1REF:14-1TOP:MarginalrevenueMSC:Interpretive9.Ifafirminaperfectlycompetitivemarkettriplesthenumberofunitsofoutputsold,thentotalrevenuewilla.morethantriple.b.lessthantriple.c.exactlytriple.d.Anyoftheabovemaybetruedependingonthefirm’slaborproductivity.ANS:CPTS:1DIF:1REF:14-1TOP:TotalrevenueMSC:Analytical10.Becausethegoodsofferedforsaleinacompetitivemarketarelargelythesame,a.therewillbefewsellersinthemarket.b.therewillbefewbuyersinthemarket.c.buyerswillhavemarketpower.d.sellerswillhavelittlereasontochargelessthanthegoingmarketprice.ANS:DPTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Interpretive11.WhichofthefollowingisNOTacharacteristicofaperfectlycompetitivemarket?a.Firmsarepricetakers.b.Firmshavedifficultyenteringthemarket.c.Therearemanysellersinthemarket.d.Goodsofferedforsalearelargelythesame.ANS:BPTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Interpretive576Chapter14/FirmsinCompetitiveMarkets12.Whenbuyersinacompetitivemarkettakethesellingpriceasgiven,theyaresaidtobea.marketentrants.b.monopolists.c.freeriders.d.pricetakers.ANS:DPTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Definitional13.Whenfirmsaresaidtobepricetakers,itimpliesthatifafirmraisesitsprice,a.buyerswillgoelsewhere.b.buyerswillpaythehigherpriceintheshortrun.c.competitorswillalsoraisetheirprices.d.firmsintheindustrywillexercisemarketpower.ANS:APTS:1DIF:2REF:14-1TOP:CompetitivemarketsMSC:Interpretive14.Whichofthefollowingstatementsbestreflectsaprice-takingfirm?a.Ifthefirmweretochargemorethanthegoingprice,itwouldsellnoneofitsgoods.b.Thefirmhasanincentivetochargelessthanthemarketpricetoearnhigherrevenue.c.Thefirmcansellonlyalimitedamountofoutputatthemarketpricebeforethemarketpricewillfall.d.Price-takingfirmsmaximizeprofitsbychargingapriceabovemarginalcost.ANS:APTS:1DIF:2REF:14-1TOP:CompetitivemarketsMSC:Interpretive15.Inacompetitivemarket,nosingleproducercaninfluencethemarketpricebecausea.manyothersellersareofferingaproductthatisessentiallyidentical.b.consumershavemoreinfluenceoverthemarketpricethanproducersdo.c.governmentinterventionpreventsfirmsfrominfluencingprice.d.producersagreenottochangetheprice.ANS:APTS:1DIF:2REF:14-1TOP:CompetitivemarketsMSC:Interpretive16.Acompetitivefirmmightchoosetosetitspricebelowthemarketprice,becausea.thiswouldresultinhigheraveragerevenue.b.thiswouldresultinhigherprofits.c.thiswouldresultinlowertotalcosts.d.Noneoftheaboveiscorrect.ANS:DPTS:1DIF:2REF:14-1TOP:CompetitivemarketsMSC:Interpretive17.Ofthefollowingcharacteristicsofcompetitivemarkets,whicharenecessaryforfirmstobepricetakers?(i)Therearemanysellers.(ii)Firmscanfreelyenterorexitthemarket.(iii)Goodsofferedforsalearelargelythesame.a.(i)and(ii)onlyb.(i)and(iii)onlyc.(ii)onlyd.Allarenecessary.ANS:BPTS:1DIF:2REF:14-1TOP:CompetitivemarketsMSC:Interpretive18.Supposeafirminacompetitivemarketproducesandsells8unitsofoutputandhasamarginalrevenueof$8.00.Whatwouldbethefirm'stotalrevenueifitinsteadproducedandsold4unitsofoutput?a.$4.00b.$8.00c.$32.00d.$64.00ANS: