《微观经济学》第四阶段测试.docx

微观经济学第四阶段测试您的姓名：填空题*1. A firm has market power if it can 单项选择题*maximize profits.a. minimize costs.b. influence the market price of the good it sells.王确答案）hire as many workers as it needs at the prevailing wage rate.2. Which of the following is not a characteristic of a competitive market?单项选择题*Buyers and sellers are price takers.a. Each firm sells a virtually identical product.b. Entry is limited.（正确答案）Each firm chooses an output level that maximizes profits.3. A certain competitive firm sells its output for $20 per unit. The 50th unit of output that the firm produces has a marginal cost of $22. Production of the 50th unit of output does not necessarily 单项选择题*increase the firm's total revenue by $20.a. increase the firm's total cost by $22.b. decrease the firm's profit by $2.c. increase the firm's average variable cost by $0.44. E确答案）When profit-maximizing firms in competitive markets are earning profits,单项选择题*a. market demand must exceed market supply at the market equilibrium price.b. market supply must exceed market demand at the market equilibrium price.c. new firms will enter the market. E确答案）the most inefficient firms will be encouraged to leave the market.4. Equilibrium quantity must decrease when demandIf the firm's fixed cost of production is $3, and the market price is $10, how many units should the firm produce to maximize profit?单项选择题*a. 1 unit2 unitsb. 3 units E确答案）4 units5. A monopoly can earn positive profits because it 单项选择题*can sell unlimited quantities at any price it chooses.a. takes the market price as given and can sell unlimited quantities.b. can set the price it charges for its output but faces a horizontal demand curve.c. can maintain a price such that total revenues will exceed total costs.匚确答案）Which of the following is not a characteristic of a monopoly?单项选择题*a. the seller has market powerb. one sellerfree entry and exit IE确答案）c. a product without close substitutesPatents, copyrights, and trademarks单项选择题*a. are examples of government-created monopolies.b. are examples of barriers to entry.c. allow their owners to charge higher prices.d. All of the above are correct.（正确答案）A profit-maximizing monopolist will produce the level of output at which单项选择题a. average revenue is equal to average total cost.b. average revenue is equal to marginal cost.c. marginal revenue is equal to marginal cost.三确答案）total revenue is equal to opportunity cost.6. For a firm to price discriminate,单项选择题*it must be a natural monopoly.a. it must be regulated by the government.b. it must have some market power.确答案）consumers must tell the firm what they are willing to pay for the product.7. Imperfectly competitive firms are characterized by单项选择题】*horizontal demand curves.a. standardized products.b. a large number of small firms.c. price making ability.（正确答案）8. Free entry and exit means that the number of firms in the market adjusts until 单项选择 题*producers continuously enter the market freely.a. the market grows to a profitable level.b. economic profits are driven to zero.正确答案）products are free.9. When a monopolistically competitive firm is in long-run equilibrium,单项选择题*price is equal to average total cost. E确答案）a. price is equal to marginal cost.b. price is equal to marginal revenue.c. the firm operates at its efficient scale.10. In general, game theory is the study of 单项选择题*how people behave in strategic situations.三确答案）a. how people behave when the possible actions of other people are irrelevant.b. oligopolistic markets.c. all types of markets, including competitive markets, monopolistic markets, and oligopolistic markets.11. In an oligopoly, each firm knows that its profits 单项选择题*depend only on how much output it produces.a. depend only on how much output its rival firms produce.b. depend on both how much output it produces and how much output its rival firms produce.（正确答案）will be zero in the long run because of free entry.12. Which of these situations produces the largest profits for oligopolists? 单项选择题The firms reach a Nash equilibrium.a. The firms reach the monopoly outcome. E确答案)The firms reach the competitive outcome.b. The firms produce a quantity of output that lies between the competitive outcome and the monopoly outcome.13. Brian and Matt own the only two bicycle repair shops in town. Each must choose between a low price for repair work and a high price. The annual economic profit from each strategy is indicated in the table. The profits are shown as (Matt, Brian) in each cell.BrianLowPriceHi小 PriceMattLaw PriceHigh Price(1500, 1500)(5000.200)(200,3000)(4000,4000)Refer to Table, Which of the following statements is correct?单项选择题*a. Matt's dominant strategy is to charge a low price.三确答案)Brian's dominant strategy is to charge a high price.b. The dominant strategy for both Brian and Matt is to charge a low price.c. Matt's dominant strategy is to charge a high price.14. The "monopoly“ in monopolistically competitive markets is most likely a result of firms having some pricing power due to product differentiation 判断题*True(正确答案)FalseMonopolistically competitive firms, like monopoly firms, maximize their profits by charging a price that exceeds marginal cost,判断题*True(正确答案)False15. The game that oligopolists play in trying to reach the oligopoly outcome is similar to the game that the two prisoners play in the prisoners* dilemma.判断题东True（正确答案）False