经济学原理对应习 14.docVIP

Chapter 14 Firms in Competitive Markets Multiple Choice 1. A market is competitive if i firms have the flexibility to price their own product. ii each buyer is small compared to the market. iii each seller is small compared to the market. a. i and ii only b. i and iii only c. ii and iii only d. All of the above are correct. ANS: C PTS: 1 DIF: 1 REF: 14-1 TOP: Competitive markets MSC: Definitional 2. When a firm has little ability to influence market prices it is said to be in a. a competitive market. b. a strategic market. c. a thin market. d. a power market. ANS: A PTS: 1 DIF: 1 REF: 14-1 TOP: Competitive markets MSC: Definitional 3. In a competitive market, the actions of any single buyer or seller will a. have a negligible impact on the market price. b. have little effect on overall production but will ultimately change final product price. c. cause a noticeable change in overall production and a change in final product price. d. adversely affect the profitability of more than one firm in the market. ANS: A PTS: 1 DIF: 2 REF: 14-1 TOP: Competitive markets MSC: Interpretive Table 14-1 Quantity Price 1 13 2 13 3 13 4 13 5 13 6 13 7 13 8 13 9 13 4. Refer to Table 14-1. The price and quantity relationship in the table is most likely that faced by a firm in a a. monopoly. b. concentrated market. c. competitive market. d. strategic market. ANS: C PTS: 1 DIF: 1 REF: 14-1 TOP: Competitive markets MSC: Analytical 5. Refer to Table 14-1. Over which range of output is average revenue equal to price? a. 1 to 5 b. 3 to 7 c. 5 to 9 d. Average revenue is equal to price over the whole range of output. ANS: D PTS: 1 DIF: 1 REF: 14-1 TOP: Average revenue MSC: Analytical 6. Refer to Table 14-1. Over what range of output is marginal revenue declining? a. 1 to 6 b. 3 to 7 c. 7 to 9 d. None; marginal revenue is constant over the whole range of output. ANS: D PTS: 1 DIF: 2 REF: 14-1 TOP: Marginal revenue MSC: Analytical 7. Refer to Table 14-1. If the fi