曼昆《经济学原理》(微观)第五版测试题库 (14) (1)

Chapter 14

Firms in Competitive Markets TRUE/FALSE

1. For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal. ANS: F

DIF: 2

REF: 14-1 NAT: Analytic

TOP: Average revenue | Marginal rev-LOC: Perfect competition enue

MSC: Interpretive

2. For a firm operating in a perfectly competitive industry, marginal reve-nue and average revenue are equal. ANS: T

DIF: 2

REF: 14-1 NAT: Analytic

TOP: Average revenue | Marginal rev-LOC: Perfect competition enue

MSC: Interpretive

3. If a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market. ANS: F

DIF: 2

REF: 14-1 NAT: Analytic

TOP: Average revenue

LOC: Perfect competition MSC: Interpretive

4. A profit-maximizing firm in a competitive market will increase produc-tion when average revenue exceeds marginal cost. ANS: T DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competition MSC: Interpretive

5. Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price. ANS: T

DIF: 1

REF: 14-1 NAT: Analytic

TOP: Competitive markets

LOC: Perfect competition MSC: Definitional

6. Firms operating in perfectly competitive markets try to maximize prof-its.

ANS: T DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competition

TOP: Profit maximization

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TOP: Average revenue

MSC: Applicative

7. In competitive markets, firms that raise their prices are typically re-warded with larger profits. ANS: F

DIF: 2

REF: 14-1 NAT: Analytic

TOP: Competitive markets

LOC: Perfect competition MSC: Interpretive

8. When an individual firm in a competitive market increases its produc-tion, it is likely that the market price will fall. ANS: F DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competition MSC: Interpretive

9. In a competitive market, firms are unable to differentiate their product from that of other producers. ANS: T

DIF: 1

REF: 14-1 NAT: Analytic

TOP: Competitive markets

LOC: Perfect competition MSC: Interpretive

10. 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: T DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competition TOP: Competitive markets MSC: Interpretive

11. A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin. ANS: T

DIF: 1

REF: 14-2 NAT: Analytic

TOP: Profit maximization

LOC: Perfect competition MSC: Interpretive

12. 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: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Profit maximization

LOC: Perfect competition MSC: Interpretive

TOP: Competitive markets

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Chapter 14/Firms in Competitive Markets ? 931

13. Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost. ANS: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Marginal revenue

LOC: Perfect competition MSC: Applicative

14. A firm is currently producing 100 units of output per day. The man-ager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to pro-duce 100 units in order to maximize its profits (or minimize its losses). ANS: F

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Profit maximization

LOC: Perfect competition MSC: Analytical

15. A firm is currently producing 100 units of output per day. The man-ager 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: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Profit maximization

LOC: Perfect competition MSC: Analytical

16. A firm is currently producing 100 units of output per day. The man-ager 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 minimize its losses). ANS: T DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competition TOP: Profit maximization MSC: Analytical

17. A dairy farmer must be able to calculate sunk costs in order to deter-mine how much revenue the farm receives for the typical gallon of milk. ANS: F

DIF: 1

REF: 14-2 NAT: Analytic

TOP: Sunk costs MSC: Interpretive

LOC: Perfect competition

18. Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy. ANS: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Sunk costs MSC: Interpretive

LOC: Perfect competition

19. A miniature golf course is a good example of where fixed costs be-come relevant to the decision of when to open and when to close for the season. ANS: F

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Sunk costs MSC: Interpretive

LOC: Perfect competition

20. A popular resort restaurant will maximize profits if it chooses to stay

open during the less-crowded “off season” when its total revenues exceed its variable costs. ANS: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Sunk costs MSC: Interpretive

LOC: Perfect competition

21. All firms maximize profits by producing an output level where marginal

revenue equals marginal cost; for firms operating in perfectly competitive in-dustries, maximizing profits also means producing an output level where price equals marginal cost. ANS: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Profit maximization

LOC: Perfect competition MSC: Interpretive

22. A firm operating in a perfectly competitive industry will continue to op-erate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost. ANS: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Supply curve

LOC: Perfect competition MSC: Interpretive

23. A firm operating in a perfectly competitive industry will continue to op-erate in the short run but earn losses if the market price is less than that firm’s average variable cost. ANS: F DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competition MSC: Interpretive

24. 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 firm’s aver-age variable cost. ANS: T

DIF: 2

REF: 14-2 NAT: Analytic

TOP: Supply curve

LOC: Perfect competition MSC: Interpretive

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TOP: Supply curve