曼昆《经济学原理》(微观)第五版测试题库 (14).doc
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1、Chapter 14Firms in Competitive MarketsTRUE/FALSE1.For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.ANS:FDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Average revenue | Marginal revenueMSC:Interpretive2.For a firm opera
2、ting in a perfectly competitive industry, marginal revenue and average revenue are equal.ANS:TDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Average revenue | Marginal revenueMSC:Interpretive3.If a firm notices that its average revenue equals the current market price, that firm must be particip
3、ating in a competitive market.ANS:FDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Average revenueMSC:Interpretive4.A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.ANS:TDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Averag
4、e revenueMSC:Interpretive5.Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price.ANS:TDIF:1REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive marketsMSC:Definitional6.Firms operating in perfectly competitive markets try to m
5、aximize profits.ANS:TDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Applicative7.In competitive markets, firms that raise their prices are typically rewarded with larger profits.ANS:FDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive marketsMSC:Interpretive8.
6、When an individual firm in a competitive market increases its production, it is likely that the market price will fall.ANS:FDIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive marketsMSC:Interpretive9.In a competitive market, firms are unable to differentiate their product from that of o
7、ther producers.ANS:TDIF:1REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive marketsMSC:Interpretive10.Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very similar if not identical.ANS:TDIF:2REF:14-1
8、NAT:AnalyticLOC:Perfect competitionTOP:Competitive marketsMSC:Interpretive11.A firms incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin.ANS:TDIF:1REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Int
9、erpretive12.By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine the profit-maximizing level of production.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Interpretive13.Firms operating in perfectly
10、competitive markets produce an output level where marginal revenue equals marginal cost.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Applicative14.A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th uni
11、t costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS:FDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Analytical15.A firm is currently producing 100 unit
12、s of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitio
13、nTOP:Profit maximizationMSC:Analytical16.A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or mi
14、nimize its losses).ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Analytical17.A dairy farmer must be able to calculate sunk costs in order to determine how much revenue the farm receives for the typical gallon of milk.ANS:FDIF:1REF:14-2NAT:AnalyticLOC:Perfect compet
15、itionTOP:Sunk costsMSC:Interpretive18.Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Sunk costsMSC:Interpretive19.A miniature golf course is a good example of where fixed costs become rel
16、evant to the decision of when to open and when to close for the season.ANS:FDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Sunk costsMSC:Interpretive20.A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues excee
17、d its variable costs.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Sunk costsMSC:Interpretive21.All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means produ
18、cing an output level where price equals marginal cost.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Interpretive22.A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that fi
19、rms average total cost but greater than the firms average variable cost.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Supply curveMSC:Interpretive23.A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less t
20、han that firms average variable cost.ANS:FDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Supply curveMSC:Interpretive24.A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firms average variable cost.ANS:TDIF
21、:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Supply curveMSC:Interpretive25.In the short run, a firm should exit the industry if its marginal cost exceeds its marginal revenue.ANS:FDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Supply curveMSC:Interpretive26.In making a short-run profit-max
22、imizing production decision, the firm must consider both fixed and variable cost.ANS:FDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximizationMSC:Interpretive27.A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.ANS:TDIF:2REF:
23、14-2NAT:AnalyticLOC:Perfect competitionTOP:Shut downMSC:Interpretive28.Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run.ANS:TDIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Shut downMSC:Interpretive2
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