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时间:2020-05-19
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1、Chapter14FirmsinCompetitiveMarketsMultipleChoice1.Amarketiscompetitiveif(i)firmshavetheflexibilitytopricetheirownproduct.(ii)eachbuyerissmallcomparedtothemarket.(iii)eachsellerissmallcomparedtothemarket.a.(i)and(ii)onlyb.(i)and(iii)onlyc.(ii)and(iii)onlyd.Alloftheabovearecorrect.ANS:CPTS:1DIF:1
2、REF:14-1TOP:CompetitivemarketsMSC:Definitional2.Whenafirmhaslittleabilitytoinfluencemarketpricesitissaidtobeina.acompetitivemarket.b.astrategicmarket.c.athinmarket.d.apowermarket.ANS:APTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Definitional3.Inacompetitivemarket,theactionsofanysinglebuyerorsell
3、erwilla.haveanegligibleimpactonthemarketprice.b.havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.c.causeanoticeablechangeinoverallproductionandachangeinfinalproductprice.d.adverselyaffecttheprofitabilityofmorethanonefirminthemarket.ANS:APTS:1DIF:2REF:14-1TOP:Competiti
4、vemarketsMSC:InterpretiveTable14-1QuantityPrice1132133134135136137138139134.RefertoTable14-1.Thepriceandquantityrelationshipinthetableismostlikelythatfacedbyafirminaa.monopoly.b.concentratedmarket.c.competitivemarket.d.strategicmarket.ANS:CPTS:1DIF:1REF:14-1TOP:CompetitivemarketsMSC:Analytical5
5、.RefertoTable14-1.Overwhichrangeofoutputisaveragerevenueequaltoprice?a.1to5b.3to7c.5to9d.Averagerevenueisequaltopriceoverthewholerangeofoutput.ANS:DPTS:1DIF:1REF:14-1TOP:AveragerevenueMSC:Analytical6.RefertoTable14-1.Overwhatrangeofoutputismarginalrevenuedeclining?a.1to6b.3to7c.7to9d.None;margi
6、nalrevenueisconstantoverthewholerangeofoutput.ANS:DPTS:1DIF:2REF:14-1TOP:MarginalrevenueMSC:Analytical7.RefertoTable14-1.Ifthefirmdoublesitsoutputfrom3to6units,totalrevenuewilla.increasebylessthan$39.b.increasebyexactly$39.c.increasebymorethan$39.d.Itcannotbedeterminedfromtheinformationprovided
7、.ANS:BPTS:1DIF:1REF:14-1TOP:TotalrevenueMSC:Applicative8.Forafirminaperfectlycompetitivemarket,thepriceofthegoodisalwaysa.equaltomarginalrevenue.b.equaltototalrevenue.c.greaterthanaveragerevenue.d.equaltothefirm’sefficientscaleofo
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