5学原理》微观第五版测试题库 14.docx
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5学原理》微观第五版测试题库14
Chapter14
FirmsinCompetitiveMarkets
TRUE/FALSE
1.Forafirmoperatinginaperfectlycompetitiveindustry,totalrevenue,marginalrevenue,andaveragerevenueareallequal.
ANS:
FDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Averagerevenue|Marginalrevenue
MSC:
Interpretive
2.Forafirmoperatinginaperfectlycompetitiveindustry,marginalrevenueandaveragerevenueareequal.
ANS:
TDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Averagerevenue|Marginalrevenue
MSC:
Interpretive
3.Ifafirmnoticesthatitsaveragerevenueequalsthecurrentmarketprice,thatfirmmustbeparticipatinginacompetitivemarket.
ANS:
FDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Averagerevenue
MSC:
Interpretive
4.Aprofit-maximizingfirminacompetitivemarketwillincreaseproductionwhenaveragerevenueexceedsmarginalcost.
ANS:
TDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Averagerevenue
MSC:
Interpretive
5.Becausetherearemanybuyersandsellersinaperfectlycompetitivemarket,noonesellercaninfluencethemarketprice.
ANS:
TDIF:
1REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Competitivemarkets
MSC:
Definitional
6.Firmsoperatinginperfectlycompetitivemarketstrytomaximizeprofits.
ANS:
TDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Applicative
7.Incompetitivemarkets,firmsthatraisetheirpricesaretypicallyrewardedwithlargerprofits.
ANS:
FDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Competitivemarkets
MSC:
Interpretive
8.Whenanindividualfirminacompetitivemarketincreasesitsproduction,itislikelythatthemarketpricewillfall.
ANS:
FDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Competitivemarkets
MSC:
Interpretive
9.Inacompetitivemarket,firmsareunabletodifferentiatetheirproductfromthatofotherproducers.
ANS:
TDIF:
1REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Competitivemarkets
MSC:
Interpretive
10.Firmsinacompetitivemarketaresaidtobepricetakersbecausetherearemanysellersinthemarketandthegoodsofferedbythefirmsareverysimilarifnotidentical.
ANS:
TDIF:
2REF:
14-1NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Competitivemarkets
MSC:
Interpretive
11.Afirm'sincentivetocomparemarginalrevenueandmarginalcostisanapplicationoftheprinciplethatrationalpeoplethinkatthemargin.
ANS:
TDIF:
1REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
12.Bycomparingthemarginalrevenueandmarginalcostfromeachunitproduced,afirminacompetitivemarketcandeterminetheprofit-maximizinglevelofproduction.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
13.Firmsoperatinginperfectlycompetitivemarketsproduceanoutputlevelwheremarginalrevenueequalsmarginalcost.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Marginalrevenue
MSC:
Applicative
14.Afirmiscurrentlyproducing100unitsofoutputperday.Themanagerreportstotheownerthatproducingthe100thunitcoststhefirm$5.Thefirmcansellthe100thunitfor$4.75.Thefirmshouldcontinuetoproduce100unitsinordertomaximizeitsprofits(orminimizeitslosses).
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Analytical
15.Afirmiscurrentlyproducing100unitsofoutputperday.Themanagerreportstotheownerthatproducingthe100thunitcoststhefirm$5.Thefirmcansellthe100thunitfor$5.Thefirmshouldcontinuetoproduce100unitsinordertomaximizeitsprofits(orminimizeitslosses).
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Analytical
16.Afirmiscurrentlyproducing100unitsofoutputperday.Themanagerreportstotheownerthatproducingthe100thunitcoststhefirm$5.Thefirmcanselltheunitfor$6.Thefirmshouldproducemorethan100unitsinordertomaximizeitsprofits(orminimizeitslosses).
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Analytical
17.Adairyfarmermustbeabletocalculatesunkcostsinordertodeterminehowmuchrevenuethefarmreceivesforthetypicalgallonofmilk.
ANS:
FDIF:
1REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
SunkcostsMSC:
Interpretive
18.Becausenothingcanbedoneaboutsunkcosts,theyareirrelevanttodecisionsaboutbusinessstrategy.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
SunkcostsMSC:
Interpretive
19.Aminiaturegolfcourseisagoodexampleofwherefixedcostsbecomerelevanttothedecisionofwhentoopenandwhentoclosefortheseason.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
SunkcostsMSC:
Interpretive
20.Apopularresortrestaurantwillmaximizeprofitsifitchoosestostayopenduringtheless-crowded“offseason”whenitstotalrevenuesexceeditsvariablecosts.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
SunkcostsMSC:
Interpretive
21.Allfirmsmaximizeprofitsbyproducinganoutputlevelwheremarginalrevenueequalsmarginalcost;forfirmsoperatinginperfectlycompetitiveindustries,maximizingprofitsalsomeansproducinganoutputlevelwherepriceequalsmarginalcost.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
22.Afirmoperatinginaperfectlycompetitiveindustrywillcontinuetooperateintheshortrunbutearnlossesifthemarketpriceislessthanthatfirm’saveragetotalcostbutgreaterthanthefirm’saveragevariablecost.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Supplycurve
MSC:
Interpretive
23.Afirmoperatinginaperfectlycompetitiveindustrywillcontinuetooperateintheshortrunbutearnlossesifthemarketpriceislessthanthatfirm’saveragevariablecost.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Supplycurve
MSC:
Interpretive
24.Afirmoperatinginaperfectlycompetitiveindustrywillshutdownintheshortrunbutearnlossesifthemarketpriceislessthanthatfirm’saveragevariablecost.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Supplycurve
MSC:
Interpretive
25.Intheshortrun,afirmshouldexittheindustryifitsmarginalcostexceedsitsmarginalrevenue.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Supplycurve
MSC:
Interpretive
26.Inmakingashort-runprofit-maximizingproductiondecision,thefirmmustconsiderbothfixedandvariablecost.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
27.Afirmwillshutdownintheshortrunifrevenueisnotsufficienttocoveritsvariablecostsofproduction.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
ShutdownMSC:
Interpretive
28.Supposeafirmisconsideringproducingzerounitsofoutput.Wecallthisshuttingdownintheshortrunandexitinganindustryinthelongrun.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
ShutdownMSC:
Interpretive
29.Supposeafirmisconsideringproducingzerounitsofoutput.Wecallthisexitinganindustryintheshortrunandshuttingdowninthelongrun.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
ShutdownMSC:
Interpretive
30.Afirmwillshutdownintheshortrunifrevenueisnotsufficienttocoverallofitsfixedcostsofproduction.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
ShutdownMSC:
Interpretive
31.Thesupplycurveofafirminacompetitivemarketistheaveragevariablecostcurveabovetheminimumofmarginalcost.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Supplycurve
MSC:
Interpretive
32.Whenaprofit-maximizingfirminacompetitivemarketexperiencesrisingprices,itwillrespondwithanincreaseinproduction.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
33.Themarginalfirminacompetitivemarketwillearnzeroeconomicprofitinthelongrun.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Economicprofit
MSC:
Interpretive
34.Aprofit-maximizingfirminacompetitivemarketwillearnzeroaccountingprofitsinthelongrun.
ANS:
FDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Accountingprofit
MSC:
Interpretive
35.Inthelongrun,whenpriceislessthanaveragetotalcostforallpossiblelevelsofproduction,afirminacompetitivemarketwillchoosetoexit(ornotenter)themarket.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
36.Inthelongrun,whenpriceisgreaterthanaveragetotalcost,somefirmsinacompetitivemarketwillchoosetoenterthemarket.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
37.Inthelongrun,afirmshouldexittheindustryifitstotalcostsexceeditstotalrevenues.
ANS:
TDIF:
2REF:
14-2NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Profitmaximization
MSC:
Interpretive
38.Whenaresourceusedintheproductionofagoodsoldinacompetitivemarketisavailableinonlylimitedquantities,thelong-runsupplycurveislikelytobeupwardsloping.
ANS:
TDIF:
2REF:
14-3NAT:
Analytic
LOC:
PerfectcompetitionTOP:
Supplycurve
MSC:
Interpretive
39.Afirmoperatinginaperfectlycompetitiveindustrywillc