5学原理》微观第五版测试题库 14.docx

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