20XX年复习资料
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Chapter 20XXXX Firms in Competitive Markets
1. One of the defining characteristics of a perfectly competitive market is ( c )
a.a small number of llers.
b.a large number of buyers and a small number of llers.
c.a standardized product.
d.significant advertising by firms to promote their products.
2. Which of the following firms is the clost to being a perfectly competitive firm? ( a )
a.A hot dog vendor in New York. c. Ford Motor Company.
b.Microsoft Corporation. d. The campus bookstore.
3. Joe lls 20XX0 cups of coffee each day in a perfectly competitive market at the mark
et price of $1.00 per cup. If Joe independently decread its price per cup to $0.75, ( b )
a.its sales would ri to 250 cups.
b.its revenues would decrea.
c.its revenues would remain constant at $20XX0.
d.the market price would fall to $0.75 as other llers match Java Joe’s price.
广州点心4. If the market elasticity of demand for potatoes is 0.3, then the individual farmer’s elasticity of demand ( d )
a.is also 0.3.
b.depends on how large a crop she produces.
c.will range between 0.3 and 1.0.
d.will be infinite.
5. Free entry means that ( b )
a.there are no costs of entering into an industry.
b.no legal barriers prevent a firm from entering an industry.
c.a firm’s marginal cost is zero.
d.a firm has no fixed costs in the short run.
6. This table describes the relationship between output, marginal revenue, and marginal cost. If the firm is currently producing 20XXXX units, what would you advi them to do? ( d )
a.Decrea quantity to 20XXXX. c. Remain at 20XXXX units.个人自我批评发言稿
b.吃完饭多久可以运动Increa quantity to 20XXXX. d. Increa quantity to 20XXXX units.
QUANTITY 反函数举例MARGINAL COST MARGINAL REVENUE
20XXXX $5.00 $9.00
20XXXX $6.00 $9.00
20XXXX $7.00 $9.00
20XXXX $8.00 $9.00
20XXXX $9.00 $9.00
20XXXX $20XXXX.00 $9.00
7. Southern高品质棉 Airline flies between Dalian and Beijing. The company leas planes on a year-long contract at a cost that averages $600 per flight. Other costs (fuel, flight attendants, etc.) amount to $550 per flight. Currently, Southern Airline’s revenues are $1,
000 per flight. All prices and costs are expected to continue at their prent levels. If it wants to maximize profit, Southern Airline should ( c )
a.shut down immediately.
b.continue the flight.
c.continue flying until the lea expires and then exit.
d.shut down now but renew the lea if conditions improve.
8. Raiman’s Shoe Repair also produces custom-made shoes. When Mr. Raiman produces 20XXXX pairs a week, the MC of the twelfth pair is $84, and the MR of that unit is $70. What would you advi Mr. Raiman to do? ( d )
a.渑池相会Shut down.
b.Produce more custom-made shoes.
c.Decrea the price.
d.Produce fewer custom-made shoes.
9. Carla’s Candy Store is maximizing profits by producing 1,000 pounds of candy per day. If Carla’s fixed costs unexpectedly increa and the market price remains constant, then the profit-maximizing level of output ( b )
a.is less than 1,000 pounds. c. is more than 1,000 pounds.
b.is still 1,000 pounds. d. becomes zero.
10. The firm will make the most profits if it produces that quantity of output for which ( d )
a.marginal cost equals average cost.
b.profit per unit is greatest.
c.marginal revenue equals total revenue.
d.marginal revenue equals marginal cost.
11. This table shows the total revenue and total cost data for a perfectly competitive firm. The profit earned at the profit maximizing output level is ( d )
a.$80 b. $20XXXX c. $0小红拳 d. $20XXXX
OUTPUT TOTAL REVENUE TOTAL COST
1 $ 20XX $ 40
2 40 60
3 60 武汉总人口 70
4 80 80
5 20XXXX0 85
6 20XXXX0 20XXXX5
