经济学原理对应练习 14.docx

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.increasesifMRATC.

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: