一、单选题(每小题1分，共计40分)
1) Assuming long-run external diseconomies exist, when demand increases in a perfectly
competitive market, in the long run the price of the product ________ the initial price (before the increase in demand) and the quantity ________. ( )
A) equals; increases B) equals; decreases
C) rises above; increases D) falls below; decreases
2) In the above figure, if the price is P1, the firm maximizes its profit by producing ( )
A) nothing. B) where MC equals ATC.
C) where MC equals P1. D) where ATC equals P1.
3) In the above figure, if the firm increases its output from Q2 to Q3, it will ( )
A) reduce its marginal revenue. B) increase its marginal revenue.
C) decrease its profit. D) increase its profit.
4) In the above figure, if the price is P1 and the firm produced Q3, the firm’s economic profit is ________ than if it produced Q1 and ________ than if it produced Q2. ( )
A) less; less B) less; more C) more; less D) more; more
5) Because of a decrease in the wage rate it must pay, a perfectly competitive firm’s marginal costs decrease but its demand curve stays the same. As a result, the firm ( )
A) decreases the amount of output it produces and raises its price.
B) increases the amount of output it produces and lowers it price.
C) increases the amount of output it produces and does not change its price.
D) decreases the amount of output it produces and lowers its price.
6) The market for lawn services is perfectly competitive. Larry’s Lawn Service cannot increase its total revenue by raising its price because ________. ( )
A) Larry’s supply of lawn services is perfectly inelastic
B) the demand for Larry’s services is perfectly inelastic
C) Larry’s supply of lawn services is inelastic
D) the demand for Larry’s services is perfectly elastic
7) If the wage rate that a monopoly has to pay for labor services decreases, then its marginal cost curve ________. ( )
A) and the demand curve shift rightward
B) and the marginal revenue and average total cost curves shift rightward
C) shifts rightward and so does the marginal revenue curve
D) shifts rightward and the marginal revenue curve does not change
8) A monopoly firm expands its output and lowers its price. The firm finds that its total revenue falls. Hence, the firm is producing in the ( )
A) elastic range of its demand curve. B) inelastic range of its demand curve.
C) elastic range of its supply curve. D) inelastic range of its supply curve.
9) The figure above shows a monopoly firm’s demand curve. If the price and quantity of haircuts move from point t to point r, the monopoly’s ( )
A) total revenue will rise. B) total revenue will fall.
C) total revenue will remain the same. D) marginal revenue will decrease.
10) The figure above shows a monopoly firm’s demand curve. If the price and quantity of haircuts move from point t to point u, the monopoly’s ( )
A) total revenue will rise. B) total revenue will fall.
C) total revenue will remain the same. D) marginal revenue will increase.
11) The figure above shows a monopoly firm’s demand curve. At point u in the figure, the demand facing the monopoly is ( )
A) elastic. B) unit elastic. C) inelastic. D) less than the supply.
12) Which area in the above figure shows the producer surplus at the price and quantity that would be attained if the industry were perfectly competitive? ( )
A) A + B + C + D + E B) C + D + E + F + G + H
C) F + G + H D) F + G + H + I + J + K
13) Which area in the above figure shows the consumer surplus at the price and quantity that would be set by a single-price monopoly? ( )
A) A + B B) A + B + C + D + E C) C + D D) C + D + E + F + G + H
14) In the above figure, if the market was a single-price monopoly rather than perfectly
competitive, which area shows the transfer of consumer surplus from consumers to producers? ( )
A) A + B B) C + D C) C + D + E D) E + H
15) In the above figure, which area is the deadweight loss from a single -price monopoly? ( )
A) E B) E + H C) E + H + K D) E + H + K + J
16) A firm in monopolistic competition has some degree of price-setting power because
A) in the long run it earns a normal profit. ( )
B) it can never earn less than normal profit.
C) the price it charges is never more than its marginal cost.
D) if it raises its price, the quantity it can sell will not decrease to zero.
17) For a firm in monopolistic competition, the marginal cost curve intersects the average total cost curve ( )
A) at the minimum average total cost.
B) to the left of the minimum average total cost.
C) to the right of the minimum average total cost.
D) at no point.
18) When producers agree to restrict output, raise the price, and increase profits, the agreement is called ________. ( )
A) a pricing agreement B) an oligopoly agreement
C) a collusive agreement D) a monopoly agreement
19) Which of the following is a basic assumption about firms’ beliefs in the kinked demand curve oligopoly model? ( )
A) If a firm raises its price, other firms will not raise their prices.
B) If a firm raises its price, other firms will raise their prices.
C) If a firm cuts its price, other firms will raise their prices.
D) A firm always produces at an output level where marginal revenue is increasing.
20) If there is a collusive agreement in a duopoly to maximize profit, then the price will ( )
A) equal the marginal cost of production.
B) equal the average total cost of production.
C) be the same as the price set by a monopoly.
D) be the same as the price set by a competitive industry.
21) The figure above shows the costs associated with producing paper.When paper is produced, there is some pollution runoff into a lake. The marginal cost borne by the firms plus the people who enjoy a clean lake when output equals 2 tons of paper per week equals ( )
A) $50 per ton. B) $100 per ton.
C) $150 per ton. D) None of the above answers is correct.
22) The figure above shows the costs associated with producing paper. When paper is produced,there is some pollution runoff into a lake. Without regulation, ________ tons of paper will be produced and the price will be ________ per ton. ( )
A) 3; $150 B) 4 ;$100 C) 4; $200 D) None of the above answers is correct.
23) The figure above shows the costs associated with producing paper. When paper is produced, there is some pollution runoff into a lake. If paper production is 4 tons per week, the outcome is ________. ( )
A) efficient because marginal benefit equals marginal private cost
B) efficient because private and external costs are accounted for
C) inefficient because only marginal external benefits are accounted for
D) inefficient because marginal social cost exceeds marginal social benefit
24) The figure above shows the costs associated with producing paper. When paper is produced, there is some pollution runoff into a lake. According to the Coase Theorem, if the transactions costs are low and there are only a few people involved, the output will equal ________ tons of paper if ________ own the lake. ( )
A) 3; only the lakeside residents B) 3; either the firms or lakeside residents
C) 4; the firms D) 4; either the firms or lakeside residents
25) To increase efficiency, ( )
A) taxes can be used to overcome the problems created by both external benefits and external costs.
B) subsidies can be used to overcome problems created by both external benefits and external costs.
C) taxes can be used to overcome the problems created by external benefits, and subsidies can be used to overcome the problems created by external costs.
D) subsidies can be used to overcome the problems created by external benefits, and taxes can be used to overcome the problems created by external costs.
26) When people determine the quantity of education they will undertake, they ________ the external benefits. As a result, if education were left to an unregulated market, people would
undertake too ________ education. ( )
A) overvalue; much B) undervalue; much C) undervalue; little D) overvalue; little
27) Oscar and Felix are the only firms that clean offices in a large city. They agree to operate as a cartel. The payoff matrix above gives the economic profit that each firm can make. If Felix cheats on the agreement but Oscar complies, Felix makes an economic profit of ________ and Oscar makes an economic profit of ________. ( )
A) $10 million; $10 million B) $1 million; $1 million
C) -$2 million; $12 million D) $12 million; -$2 million
28) Oscar and Felix are the only firms that clean offices in a large city. They agree to operate as a cartel. The payoff matrix above shows the economic profit that each firm can make. If the game is played only once, then ________. ( )
A) Felix and Oscar will each make $10 million profit
B) Felix will comply and Oscar will make $12 million profit
C) Felix and Oscar will each make $1 million profit
D) Felix will cheat and Oscar will make -$2 million profit
29) Oscar and Felix are the only firms that clean offices in a large city. They agree to operate as a cartel. The payoff matrix shows the economic profit that each firm can make. If the game is
played repeatedly and Felix and Oscar both use a tit-for-tat strategy, then ________. ( )
A) Felix will make $10 million and Oscar will cheat
B) Felix and Oscar will each make $1 million profit
C) Felix will make -$2 million and Oscar will cheat
D) Felix and Oscar will each make $10 million profit
30) To achieve the efficient amount of pollution, governments can set taxes (T) such that ________. ( )
A) MSC = MC + T B) MC = MSC + T C) T = MC + MSC D) MSC = MC - T
31) A cooperative equilibrium is most likely to arise in a ( )
A) single-play game with a large number of players.
B) single-play game without communication.
C) repeated game with a large number of players.
D) repeated game with a small number of players.
32) In a repeated game, the punishments for a ( )
A) tit-for-tat strategy and a trigger strategy are both mild.
B) tit-for-tat strategy and a trigger strategy are both severe.
C) tit-for-tat strategy is mild and a trigger strategy is severe.
D) tit-for-tat strategy is severe and a trigger strategy is mild.
33) The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the short run,
Golden Chow sells 400 cans of dog food per day and makes ________. Other firms have
________ incentive to enter the industry. ( )
A) an economic profit of $200 a day; an B) an economic profit of $400 a day; an
C) normal profit of $200 a day; no D) an economic profit of $400 a day; no
34) The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the long run as
new firms enter, Golden Chow cuts its output to 200 cans per day. Its excess capacity is________ cans per day. ( )
A) 0 B) between 0 and 200 C) between 201 and 400 D) more than 401
35) A monopolistically competitive firm in the long run ________. ( )
A) is inefficient because it makes zero economic profit
B) produces a profit-maximizing amount of output that is less than capacity output
C) is efficient because it makes zero economic profit
D) sets its price equal to its marginal cost
36) In the figure above, if the firm’s marginal cost is MC0, then the firm will produce( )
A) less than 29 units per day. B) 30 units per day.
C) more than 31 but less than 39 units per day. D) 40 units per day.
37) In the figure above, if the firm’s marginal cost curve is MC0 then it will charge a price of ( )
A) $5. B) more than $5 and less than $15 dollars. C) $15. D) $20.
38) In the figure above, if the firm’s marginal cost curve is MC0 then its economic profit ( )
A) is 0. B) is $150 per day. C) is $600 per day. D) cannot be determined.
39 The figure above illustrates the kinked demand curve model of oligopoly. In this figure, if the firm’s marginal cost curve shifts from MC0 to MC1, then the firm’s amount of output ( )
A) will increase. B) will decrease.
C) will not change. D) could increase, decrease, or stay the same.
40) The figure above illustrates the kinked demand curve model of oligopoly. In this figure, if the firm’s marginal cost curve shifts from MC0 to MC1, then the price the firm charges ( )
A) will rise. B) will fall. C) will not change.
D) could rise, fall, or stay the same depending on other factors not illustrated.
二、解答题(每小题10分，共计30分)
1) The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price equals $7,
a) how much will the firm produce?
b) how much is the firm’s average total, average variable, and marginal costs?
c) how much is the firm’s total, total variable, and total fixed costs?
d) how much is the firm’s total revenue and economic profit?
e) what will happen in this market in the long run?
2) The above figure shows the demand for cable and the cable company’s cost of providing cable.
a) What price and quantity will be produced if the company is unregulated and profit
maximizes?
b) What price and quantity will be produced if the company is regulated using the marginal
cost pricing rule?
c) What is the advantage of the marginal cost pricing rule?
d) What price and quantity will be produced if the company is regulated using the average
cost pricing rule?
e) What is the advantage of the average cost pricing rule?
3) The above figure represents a restaurant operating in monopolistic competition.
a) What is the profit-maximizing level of output?
b) What price will the firm charge?
c) What is the firm’s profit (or loss)?
d) Is this a long-run equilibrium? Why or why not?
e) Is this firm producing its capacity output?
三、简答题（每小题8分，共16分）
1、垄断厂商采用什么定价策略可以使消费者剩余为0？
2、什么是基尼系数？如何计算基尼系数？
四、论述题（14分）
什么是逆向选择和道德风险？运用非对称信息理论论述房地产贷款活动中存在的问题。 |
