英文版微观经济学复习提纲Chapter 10. Monopolistic competition

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Monopolistic Competition: The Competitive Model in a More Realistic

Setting

Chapter Summary

Most markets in Australia have many buyers and sellers, low entry barriers and differentiated goods and services for sale. These are characteristics of monopolistic competition. Each monopolistically competitive firm faces a downward-sloping demand curve so marginal revenue is less than price. Firms maximise profit by producing the level of output that makes marginal revenue equal marginal cost. The firm may earn an economic profit or suffer an economic loss in the short run. Since there are low entry barriers, economic profits will cause new firms to enter the market. A firm that earns short-run profits will earn zero economic profit in the long run as entry from new firms shifts the firm’s demand curve to the left and causes it to become more elastic. If a firm suffers economic losses in the short run, other firms will exit the market and shift the firm’s demand curve to the right and cause it to become less elastic. In the long run, the firm’s demand curve will be tangent to its long-run average total cost curve, but average total cost will be greater than its minimum level.

Monopolistic competition and perfect competition differ in their long-run equilibrium positions. Monopolistically competitive firms charge a price greater than marginal cost and they do not produce at minimum average total cost. A monopolistically competitive firm has excess capacity. If it increases its output it could produce at a lower average cost. But consumers benefit from being able to purchase a product that is differentiated and more closely suited to their tastes.

Firms can use marketing to differentiate their products. Marketing tools include brand management and advertising.

Learning Objectives

When you finish this chapter you should be able to:

1.Explain why a monopolistically competitive firm has a downward-sloping demand curve.

A monopolistically competitive firm is able to raise its price without losing all of its customers.

Some customers are willing to pay the higher price because the firm has a favourable location, can offer better service or a higher quality product, among other reasons.

2.Explain how a monopolistically competitive firm decides the quantity to produce and the

price to charge. All firms maximise profits by producing where marginal revenue is equal to marginal cost. Since price is greater than marginal revenue, a monopolistically competitive firm

Monopolistic competition: the competitive market in a more realistic setting 154 produces where price is greater than marginal cost. The firm will earn economic profits if its price exceeds average total cost in the short run.

3.Analyse the situation of a monopolistically competitive firm in the long run. Since entry

barriers are low in monopolistically competitive industries, short-run profits give entrepreneurs an incentive to enter the market and establish new firms. The entry of new firms will shift the demand curves of existing firms to the left and make them more elastic. If firms suffer short-run economic losses, some firms will exit the industry in the long run. This will shift the demand curves of remaining firms to the right and make them more inelastic. In the long run, the demand curve of a typical firm will be tangent to its average total cost curve.

https://www.wendangku.net/doc/5d17691576.html,pare the efficiency of monopolistic competition and perfect competition. In the long run

the profit-maximising level of output for a monopolistically competitive firm occurs where price is greater than marginal cost and the firm is not at the minimum point of its average total cost curve. Unlike a perfectly competitive firm, a monopolistically competitive firm does not achieve allocative efficiency or productive efficiency.

5.Define marketing and explain how firms use it to differentiate their products. Marketing

refers to all the activities necessary for a firm to sell a product to consumers. Firms use brand management and advertising to earn profits and defend profits from competitors.

6.Identify the key factors that determine a firm’s profitability. The most important factors

under a firm’s control are its ability to differentiate its product and to produce at a lower average cost than competing firms. Other factors that affect profitability are not under a firm’s control.

These factors include the prices of the inputs it uses in production and random chance. Chapter Review

Chapter Opener: Starbucks: Growth through Product Differentiation

Since the first Starbucks coffee shop opened in 1971, the firm has grown into a worldwide company. But the growth has been in the number of shops, over 8,000, rather than the size of the shops themselves. Starbucks faces competition from other firms. Neighbourhoods often have three or more coffeehouses. Barriers to entry into the market for coffeehouses are low and firms differentiate their products by offering different menus and services.

Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market

Monopolistic competition is a market structure in which barriers to entry are low, and many firms compete by selling similar, but not identical, products. Production differentiation allows monopolistically competitive firms to raise their prices without losing all their customers. (A price increase will, however, cause some customers to switch to another similar product.)

The control monopolistically competitive firms have over their prices is limited because they face competition from firms selling similar products. Since firms face downward-sloping demand curves when marginal revenue is less than price.

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155 Chapter

Helpful Study Hint

Restaurants, convenience stores, bookstores and petrol stations are all examples of

monopolistically competitive firms. Petrol stations display their prices so that

differences between stations can easily be compared. Many motorists are willing to

buy at a slightly higher per litre price if a station is in a more convenient location than

a station that offers a lower price. Some consumers believe there are differences

between various brands of petrol. These customers are willing to pay a somewhat

higher price for what they perceive as a superior product. The next time you drive or

ride in a car, notice how much difference there is between the prices charged by the

stations you pass.

How a Monopolistically Competitive Firm Maximises Profits in the Short Run

As with firms in other markets, a monopolistically competitive firm will maximise profits by producing the level of output that makes marginal revenue (MR) equal to marginal cost (MC). Because the MR curve lies below the firm’s demand curve, the firm will maximise profits where price (P) exceeds MC.

Helpful Study Hint

The table and graph in Figure 10.4 provide an example of a firm that makes a short-

run profit. Notice that (a) the relevant values for MR, MC and ATC are determined at

the profit-maximising quantity, or where MR=MC, (b) when firms earn profits the

ATC curve crosses the demand curve at two points, and (c) at the profit maximising

output P > MR.

What Happens to Profits in the Long Run?

Short-run profits give entrepreneurs an incentive to enter a market and establish new firms. The demand curve of an established firm shifts to the left as new firms enter the market. Entry will continue until the firm’s demand curve is tangent to its ATC curve. In the long run, the firm’s price will equal average total cost, the firm breaks even and the firm’s demand curve becomes more elastic.

Short-run losses will lead some firms to exit their market. As a result, the demand curve for a firm remaining in the market shifts to the right and becomes less elastic. The exit of firms continues until the representative firm can charge a price equal to the average total cost in the long run.

Monopolistic competition: the competitive market in a more realistic setting 156

Helpful Study Hint

This section of the textbook contains several features to help you understand the

transition of the market from short-run to long-run equilibrium. Don’t Let This

Happen to You! (pages 321-2) warns you not to confuse economic and accounting

profit. Graphs in Figure 10.5 (page 320) illustrate the short run for a firm earning

profits and how these profits are eliminated in the long run firm. Table 10.2 (page

321) offers a comprehensive graphical summary of the short run and long run for a

monopolistically competitive firm. Making the Connection 10.1 (page 322) and

Solved Problem 10.2 (page 322) use the experience of Apple Computers to analyse

the short run and long run under monopolistic competition. Making the Connection

10.2 describes the efforts of a cosmetics company to stay ahead of its competition.

Comparing Perfect Competition and Monopolistic Competition

There are two important differences between long-run equilibrium perfect competition and monopolistic competition. Monopolistically competitive firms charge a price greater than marginal cost and they do not produce at minimum average total cost. Since price exceeds marginal cost, allocative efficiency is not achieved, and since price is greater than minimum average total cost, productive efficiency is not achieved. Monopolistically competitive firms have excess capacity. Despite these characteristics, consumers benefit from purchasing products that are differentiated.

Helpful Study Hint

Although monopolistic competition appears to fall short of perfect competition in

terms of economic efficiency, the textbook rightly notes that consumers are willing to

pay for the variety offered by monopolistically competitive firms. Consider using

petrol stations once again as an example. Let’s say there are three petrol stations on a

single street corner. During most hours of the day at least one or two of the stations

are not busy; one can interpret this as excess capacity. But during rush hours all three

stations have customers. Enough drivers are willing to pay to keep all three stations

operating for the convenience of not waiting in long lines during peak hours.

Supermarkets offer another example of consumers’ willingness to pay for greater

convenience. Most supermarkets open additional check-out lines – some for

consumers with just a few items to buy – when long lines start to form.

How Marketing Differentiates Products

Firms can differentiate their products through marketing. Marketing refers to all the activities necessary for a firm to sell a product to a consumer. Firms use two marketing tools to differentiate their products. The first marketing tool is brand management. Brand management refers to the actions of a firm

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intended to maintain the differentiation of a product over time. Economic profits are earned when a firm introduces a new product, but this leads to the entry of firms producing similar products and the profits are eliminated. Firms use brand management to put off the time when they will no longer be able to earn profits. The second marketing tool is advertising. Advertising shifts the demand curve for a product to the right and makes the demand curve more inelastic. Successful advertising allows the firm to sell more at every price. Advertising also increases costs. If the increase in revenue from advertising exceeds the costs, profits will rise.

Once a firm has established a brand name it has an incentive to defend it. Firms can apply for a trademark. A trademark grants legal protection against other firms using a product’s name. Companies will spend substantial amounts of money to ensure that their brand names are entitled to legal protection. If firms do not prevent the unauthorised use of their trademarks, they may be no longer entitled to legal protection.

What Makes a Firm Successful?

A firm can control some of the factors that allow it to make economic profits. Other factors are uncontrollable. Controllable factors include the ability a firm has to differentiate its product and the ability a firm has to produce at a lower average total cost than competing firms. Uncontrollable factors include input prices, changes in consumer tastes and random chance.

Solved Problem

Chapter 10 in the textbook includes two Solved Problems to support learning objectives 2 (“Explain how a monopolistically competitive firm decides the quantity to produce and the price to charge”) and 3 (“Analyse the situation of a monopolistically competitive firm in the long run”). The following Solved Problem supports another of this chapter’s learning objectives.

Solved Problem 12-3 Supports learning objective 5: Define marketing and explain how firms use it to differentiate their products.

We Came. We Marketed. We Sold.

3Com Corporation was incorporated in the U.S. in 1979 and specialises in providing computer network devices such as routers and network switches. Among 3Com’s clients are businesses that want to improve the communication and security capabilities of their computer systems. 3Com is not a household name in the manner of McDonald’s or Microsoft, but marketing is an important part of the company’s success. It faces stiff competition from other computer service providers, such as Cisco Systems, and uses advertising and trademarks to influence its customers. 3Com’s advertising efforts are aimed primarily at computer network managers; for example, an advertising agency developed a two-page ad for 3Com titled “We Came. We Saw. We Routed.” Ads such as these are placed in publications most likely to be seen by the target audience. It would be less effective for 3Com to place ads in People or Time magazines, since few of their readers are computer network managers, than it would be to advertise in business publications. The importance of establishing and maintaining 3Com’s trademarks is indicated by the guidelines the firm’s legal experts issue to employees. The following is a small sample of these guidelines for over 40 company and product trademarks:

Always Use a Trademark as an Adjective, Followed by the Appropriate Description(s).

If not, the trademark could become generic…make sure that 3Com and the ? symbol

(3Com?) precedes a trademark mention of the product or service.

Monopolistic competition: the competitive market in a more realistic setting 158 Correct: The 3Com? NBX? business telephone has powerful call processing

features. Incorrect: NBX? has powerful call-processing features.

Sources: https://www.wendangku.net/doc/5d17691576.html,/corpinfo/en_US/legal/trademark/tmn_list.html

https://www.wendangku.net/doc/5d17691576.html,/Portfolio/Advertising/advertising.ht

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(a) Define marketing and explain the importance of marketing to firms.

(b) Explain how 3Com Corporation uses marketing to differentiate its products.

Solving the Problem

Step 1: Review the chapter material. Since this refers to the material in “How Marketing Differentiates Products,” you may want to review this section of the textbook which begins on page 327.

Step 2: Define marketing and explain the importance of marketing to firms. Marketing refers to all the activities necessary for a firm to sell a product to a consumer. To earn profits, monopolistically competitive firms must differentiate their products. These firms use two marketing tools to do this: brand management and advertising.

Step 3: Explain how 3Com Corporation uses marketing to differentiate its products. 3Com Corporation uses brand management, including extensive use of trademarks, and advertising to differentiate its products. 3Com Corporation focuses its marketing strategies on its customers; such as computer network managers.

Self-Test

(Answers are provided at the end of the Self-Test.)

Multiple-Choice Questions

1Why does a monopolistically competitive firm have a downward-sloping demand curve?

a Because the firm is considered to be a monopoly in its own market.

b Because changing the price will affect the quantity sold.

c Because the firm is close to a price taker, like a wheat farmer.

d Becaus

e the level o

f output produced depends on the cost structure of the firm.

2In which case is the firm’s demand curve the same as marginal revenue?

a In the monopolistically competitive case.

b In the perfectly competitive case.

c In both the monopolistically competitive case an

d th

e perfectly competitive case.

d In neither th

e monopolistically competitive case nor the perfectly competitive case.

3Which of the following measures is conceptually the same as price?

a Marginal revenue.

b Total revenue.

c Average revenue.

d Non

e o

f the above.

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4When a monopolistically competitive firm cuts price, good and bad things happen. Which of the following is considered a good thing?

a The price effect.

b The output effect.

c The revenue effect.

d All of th

e above are good things.

5Refer to the table below. What is the average revenue associated with the sixth unit of output produced and sold?

a$3.00

b$2.00

c$0.50

d Non

e o

f the above. There is insufficient information to answer the question.

6Refer to the figure below. A downward move along the demand curve results in a gain and a loss of revenue. Which area represents the loss of revenue?

a Area A.

b Area B.

c Both A an

d B represent revenu

e losses.

d An area not shown.

Monopolistic competition: the competitive market in a more realistic setting 160

7If a firm has the ability to affect the price of the good or service it sells, what is the relationship between its marginal revenue curve and its demand curve?

a The firm will have a marginal revenue curve that is above its demand curve.

b The firm will have a marginal revenue curve that is below its demand curve.

c The firm will have a marginal revenue curve that is the same as its deman

d curve.

d Th

e firm will have an upward-sloping marginal revenue curve and a downward-sloping

demand curve.

8Which of the following types of firms use the marginal revenue equals marginal cost approach to maximise profits?

a Perfectly competitive firms.

b Monopolistically competitive firms.

c Both perfectly competitive an

d monopolistically competitiv

e firms.

d Neither perfectly competitiv

e nor monopolistically competitive firms.

9Refer to the figure below. In order to maximise profit, what price should the firm charge?

a$18

b$15

c$8

d$4

10Refer to the figure below. Which firm is maximising profits?

a The firm on the left.

b The firm on the right.

c Both firms.

d Neither firm.

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11Refer to the figure below. When total cost is subtracted from total revenue, which area remains?

a Area A.

b Area B.

c Area A + B.

d Non

e o

f the above. That information cannot be obtained from this graph.

Monopolistic competition: the competitive market in a more realistic setting 162 12Refer to the table below. What level of output should be produced in order to maximise profit?

a 1 unit of output.

b 5 units of output.

c 6 units of output.

d10 units of output.

13How does the entry of new coffeehouses affect the profits of existing coffeehouses?

a Entry will shift the market demand curve for coffee to the right.

b Entry will shift the firm’s demand curve to the right.

c Entry will make the firm’s deman

d curv

e more elastic.

d Entry will in no way affect th

e profits o

f existin

g coffeehouses.

14Refer to the figure below. Which graph depicts a situation in which firms might exit the industry?

a The graph on the left.

b The graph in the middle.

c The graph on the right.

d Non

e o

f the above.

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15Refer to the figure below. Which graph best depicts the profit or loss situation for a monopolistically competitive firm in the long run?

a The graph on the left.

b The graph in the middle.

c The graph on the right.

d Non

e o

f the above.

16For a monopolistically competitive firm, is zero economic profit inevitable in the long run?

a Yes. There is nothing the firm can do to avoid zero economic profit in the long run.

b No. A firm could try to avoid losing its profit in the long run by producing a product

identical to those of competing firms.

c No. A firm coul

d try to avoid losing profits by reducing production costs and improving

its products.

d No. A firm could simply offer goods that ar

e cheaper to produce even i

f they have less

value than those offered by competing firms.

17Refer to the graph below. Which equilibrium level of output indicates excess capacity?

a Q1.

b Q2.

c Both Q1 an

d Q2.

d Neither Q1 nor Q2.

Monopolistic competition: the competitive market in a more realistic setting 164 18What trade-offs do consumers face when buying a product from a monopolistically competitive firm?

a Consumers pay a lower price but also have fewer choices.

b Consumers pay a price greater than marginal cost but also have choices more suited to

their tastes.

c Consumers pay a higher price but are happy knowing that the industry is highly efficient.

d Consumers pay a pric

e as low as the competitive price but have difficulty finding and

buying the product.

19What is the term given to the actions of a firm intended to maintain the differentiation of a product over time?

a Brand management.

b Advertising.

c Marketing.

d Campaigning.

20Refer to the figure below. Which of the following terms is missing in the box on the right?

a Brand management.

b Marketing.

c Profitability.

d Demand.

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Short Answer Questions

1.Describe how Starbucks has used brand management to differentiate its products.

2.What is the most important characteristic that perfectly competitive and monopolistically

competitive firms have in common?

3.Why is it not possible for a monopolistically competitive firm to produce at minimum average

total cost in long run equilibrium?

4.The overall strength of the economy has an important influence on the profits of firms. Although

firms cannot affect the economy’s performance, knowledge of how economy-wide changes affect the demand for their products can help firms respond to these changes. What product information would be most useful for firms to have?

5.Some of Coca-Cola’s employees are required to visit restaurants and bars and order mixed

drinks. What motivation would Coca-Cola have to encourage their employees to “drink on the job?”

True/False Questions

T F 1. The marginal revenue curve lies below the demand curve for any firm that has

the ability to affect the price of the product it sells.

T F 2. Monopolistically competitive firms charge a price greater than marginal cost

in both the short run and the long run.

T F 3. Unlike perfectly competitive firms, monopolistically competitive firms earn

long run profits.

T F 4. When some firms exit a monopolistically competitive market, the demand curves of firms that remain become less elastic.

T F 5. Among the factors that make a firm successful but are not under its control is

the ability to differentiate its product.

T F 6. Brand management refers to all activities necessary for a firm to sell a product

to a consumer.

T F 7. Unlike perfectly competitive firms, monopolistically competitive firms have

excess capacity.

T F 8. Because a monopolistically competitive firm has a downward sloping demand

curve, marginal revenue will always be lower than price.

T F 9. An important reason why Starbucks has been able to maintain control over the

operations of its coffeehouses is that they are all company-owned, not

franchises.

T F 10. One motive for advertising is to make the demand for a product more elastic

so that when price is lowered there will be a greater increase in quantity

demanded.

Monopolistic competition: the competitive market in a more realistic setting 166 Answers to the Self-Test

Multiple-Choice Questions

Question Answer Explanation

1 b Because changing the price affects the quantity sold, a monopolistically

competitive firm will face a downward-sloping demand curve, rather than the horizontal demand curve faced by a competitive firm, like a wheat farmer. 2 b

A perfectly competitive firm faces a horizontal demand curve and does not have to cut the price in order to sell a larger quantity. A monopolistically competitive firm, however, must cut the price to sell more, so its marginal revenue curve will slope downward and will be below its demand curve. 3 c

Price is revenue per unit, or average revenue. Average revenue is equal to total revenue divided by quantity. Because total revenue equals price multiplied by quantity, dividing by quantity leaves just price. Therefore, average revenue is always equal to price. This will be true for firms in any of the four market structures. 4 b

When the firm cuts the price by $0.50, one good thing and one bad thing happen: The good thing: It sells one more café latte; we can call this the output effect. The bad thing: It receives $.050 less for each café latte that it could have sold at the higher price; we can call this the price effect. 5 a

Average revenue equals price, which is $6.00 when six units are sold. Or, average revenue equals total revenue divided by output, or $18.00/6 = $3.00. 6 a

Area A shows the loss of revenue from a price cut = $.50 x 5 = $2.50. 7 b

Every firm that has the ability to affect the price of the good or service it sells will have a marginal revenue curve that is below its demand curve. Only firms in perfectly competitive markets, which can sell as many units as they want at the market price, have marginal revenue curves that are the same as their demand curves. 8 c

All firms use the same approach to maximise profits: Produce where marginal revenue is equal to marginal cost. 9 b

Marginal cost equals marginal revenue when 900 units of output are produced and sold. Consumers are willing to pay $15 for 900 units. 1 c

In both cases, the output level is set where marginal revenue equals marginal cost. 11 a

Correct. Profit = (P – ATC) Q, or alternatively, Profit = TR – TC, where TR = P x Q, and TC = ATC x Q. 12 b At this level of output, marginal revenue of $1.50 equals marginal cost.

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13 c As new coffeehouses open, the firm’s demand curve will shift to the left. The

demand curve will shift because the existing firms will sell fewer cups of coffee

at each price now that there are additional coffee coffeehouses in the area selling similar drinks. The demand curve will also become more elastic because

consumers in the area now have additional coffeehouses from which to buy

coffee, so existing firms will lose more customers if they raise their prices.

14 b Since price is less than average total cost, the firm is suffering losses. Firm losses will lead to the exit of some firms in the industry.

15 b In the long run, a monopolistically competitive firm earns zero economic profit, or P = ATC.

16 c Firms try to avoid losing profits by reducing the cost of producing their products,

by improving their products, or by convincing consumers their products are

indeed different from what competitors offer. To stay one step ahead of its

competitors, a firm has to offer consumers goods or services that they perceive

to have greater value than those offered by competing firms.

17 a The monopolistically competitive firm has excess capacity equal to the

difference between its profit-maximising level of output and the productively

efficient level of output.

18 b

Consumers face a trade-off when buying the product of a monopolistically

competitive firm: They are paying a price that is greater than marginal cost and

the product is not being produced at minimum average cost, but they benefit from being able to purchase a product that is differentiated and more closely

suited to their tastes.

19 a The actions of a firm intended to maintain the differentiation of a product over time are called brand management.

20 c The factors under a firm’s control—the ability to differentiate its product and the

ability to produce it at lower cost—combine with the factors beyond its control

to determine the firm’s profitability.

Short Answer Responses

1. The textbook describe several brand management methods Starbucks uses to differentiate its

products. “Competitors have found it difficult to duplicate Starbucks’ European espresso bar atmosphere…Most importantly, Starbucks has continued to be very responsive to its customers’ preferences…” In addition, company-owned coffeehouses (rather than franchise businesses) enable Starbucks to have greater control of the products sold and how they are marketed. Despite the success it has enjoyed, low entry barriers will eventually enable other firms to copy much of what Starbucks has done. Starbucks must continue to use brand management techniques to postpone the time when its economic profits are eliminated.

2. Low entry barriers are common to both market structures. This ensures that firms earn zero

economic profits in the long run.

Monopolistic competition: the competitive market in a more realistic setting 168

3.The entry and exit of firms ensures that monopolistically competitive firms will earn zero

economic profits in the long run. For this to be true, price must equal average total cost. This, in turn, requires a firm’s demand curve to be tangent to its average total cost curve. Because the firm’s demand curve is downward-sloping, this tangency must be to the left of the minimum point on the average total cost curve.

4.Changes in the overall economy’s performance affect the growth of consumer income. When

the economy expands, employment and income growth increase. When the economy slows unemployment rises and income growth slows. Knowledge of the income elasticities of a firm’s products allow it to respond to economy-wide changes. For example, automobiles and housing have high income elasticities. If the economy were to experience slow growth, firms know that the demand for these products will fall more than products with low or negative income elasticities.

5.Coca-Cola is very careful to protect its trademarked name. Some employees visit bars and

restaurants to order “rum and Coke.” If they are served another cola, they will inform their legal department. The offending bar or restaurant will be contacted and warned to either serve Coca-Cola or to inform customers that they do not serve “rum and Coke.” Although such actions may seem petty to some people, they serve the important purpose of protecting a valuable trademark.

Firms that have not taken positive steps to protect their trademarks have lost legal protection of their brand names.

True/False Answers

1 T

2 T

3 F

4 T

5 F This factor is under the firm’s control.

6 F This is a definition of marketing.

7 T

8 T

9 T

10 F One motive for advertising is to make the demand for a product less elastic so that if

price is raised, quantity demanded will not fall as much as it would without advertising.

最新版微观经济学精品习题英文版 (with answer) (16)

Chapter 17 Monopolistic Competition 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. _ __. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. _ __. 1. Because monopolistically competitive firms produce differentiated products, each firm ( d ) a.faces a demand curve that is horizontal. b.faces a demand curve that is vertical. c.has no control over product price. d.has some control over product pric e. 2. Which of the following conditions distinguishes monopolistic competition from perfect competition? ( d ) a. Number of sellers. b. Freedom of entry and exit. c. Small size firms. d. Differentiation of product. 3. A firm in a monopolistically competitive market is similar to a monopolist in the sense that it ( b ) a.must overcome significant barriers to entry. b.faces a downward-sloping demand curve. c.there are no barriers to entry or exit. d.there is only one seller of the good. 4. If existing firms in the fast-food market, which is a monopolistically competitive market, realize sizable economic profits in the short run, the demand of existing firms will ( a ) a.decrease and become more elastic. b.decrease and become less elasti c. c.increase and become more elastic. d.increase and become less elastic.

微观经济学试题库(含答案)

一、单选题（70题） 1. 下列哪一种资源是最不具有稀缺性的（） A．医生；B．苹果；C．铁矿石；D．空气； 2. 下列中的哪一个问题是最有可能被微观经济学家所研究的（） A. 一般物价的膨胀； B. 整个经济中的失业； C. 总产出的增长率； D. 汽车行业中的劳动就业； 3. 下列中的哪一个属于规范经济问题（） A. 通货膨胀和失业是由什么引起的 B. 政府应该雇用所有失业的工人吗 C. 消费者如何对较低的价格做出反应 D. 收入与储蓄之间的关系是什么 4. 经济学有时被称作社会科学的皇后，这是因为：（） A.它强调经济增长和经济发展； B. 几乎所有的学生都必须学习经济学； C. 它的边际分析方法广泛应用于其他学科； D. 规范经济学和实证经济学的区别。 5. 经济学家的理性行为假定：（） A.仅仅在其提供有效预测的限度内才是有用的。 B.导致错误的理论，因为人们并非总是理性的。 C.只有当所有人都是理性的，才是有用的。 D.不管人们是否为理性的，都是有效的。 6. 微观经济学研究（），宏观经济学研究（）。 A．现实的经济问题，抽象的经济理论；B．个量经济，总量经济 C．理性行为，非理性行为；D．企业行为，政府行为 7．经济学可定义为（）。 A．政府对市场制度的干预 B.企业赚取利润的活动 C.研究稀缺资源如何有效配置的问题 D.个人的生财之道 8．“资源是稀缺的”是指（） A．资源是不可再生的 B.资源必须留给下一代 C.资源终将被耗费殆尽 D.相对于需求而言,资源总是不足的. 9．失业问题如果反映在生产可能性曲线图上，可记为（） A．生产可能性曲线内的一点 B.生产可能性曲线上的一点

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第一章引论 一、单选题(70题) 1、下列哪一种资源就是最不具有稀缺性的?( ) A.医生; B.苹果; C.铁矿石; D.空气; 2、下列中的哪一个问题就是最有可能被微观经济学家所研究的?( ) A、一般物价的膨胀; B、整个经济中的失业; C、总产出的增长率; D、汽车行业中的劳动就业; 3、下列中的哪一个属于规范经济问题? ( ) A、通货膨胀与失业就是由什么引起的? B、政府应该雇用所有失业的工人不? C、消费者如何对较低的价格做出反应? D、收入与储蓄之间的关系就是什么? 4、经济学有时被称作社会科学的皇后,这就是因为:( ) A、它强调经济增长与经济发展; B、几乎所有的学生都必须学习经济学; C、它的边际分析方法广泛应用于其她学科; D、规范经济学与实证经济学的区别。 5、经济学家的理性行为假定:( ) A、仅仅在其提供有效预测的限度内才就是有用的。 B、导致错误的理论,因为人们并非总就是理性的。 C、只有当所有人都就是理性的,才就是有用的。 D、不管人们就是否为理性的,都就是有效的。 6、微观经济学研究( ) ,宏观经济学研究( )。

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Chapter 9 Application: International Trade 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. _ __ 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. _ __ 1. Nations would gain from trade if a(n) ________ exists. ( c ) a.absolute advantage b.specialization https://www.wendangku.net/doc/5d17691576.html,parative advantage d.infant industry 2. If Canada has a comparative advantage over Denmark in the production of wood, this implies that ( b ) a.it requires fewer resources in Canada than in Denmark to produce wood. b.the opportunity cost of producing wood in Canada is lower than in Denmark. c.Denmark does not benefit by trading with Canada. d.Canada should buy wood from Denmark. 3. Domestic producers gain from the opportunity to export goods to foreign countries because ( a ) a.the free-trade price of the good is higher than the domestic price in the absence of trade. b.producers are able to reach a wider market. c.although the free-trade price is lower than in the absence of trade, producers are able to sell a greater quantity. d.production rises, although there is no change in the price of the good compared to the no-trade situation. 4. If at the world equilibrium price the U.S. quantity demanded is greater than the U.S. quantity supplied, then ( a ) a.the United States will import the good. b.the United States will export the good. c.the world price will fall. d.the world price will ris e.

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曼昆微观经济学英文版课后练习题第一章

————————————————————————————————作者：————————————————————————————————日期： 1

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曼昆微观经济学课后练习英文答案(第七章)

rkets WHAT’S NEW IN THE SIXTH EDITION: There are no major changes to this chapter. LEARNING OBJECTIVES: By the end of this chapter, students should understand: the link between buyers’ willingness to pay for a good and the demand curve. how to define and measure consumer surplus. the link between sellers’ costs of producing a good and the supply curve. how to define and measure producer surplus. that the equilibrium of supply and demand maximizes total surplus in a market. CONTEXT AND PURPOSE: Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then 7 CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS

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CHAPTER 2 circular-flow diagram循环流向图production possibilities frontier生产可能性边界 microeconomics微观经济学 macroeconomics宏观经济学 positive statements实证表述 normative statements规范表述 CHAPTER 3 absolute advantage绝对优势 opportunity cost机会成本 comparative advantage比较优势 imports进口 exports出口 CHAPTER 4 market市场 competitive market竞争市场 quantity demanded需求量 law of demand需求定理 demand schedule需求表 demand curve需求曲线

normal good正常物品 inferior good低档物品 substitutes替代品 complements互补品 quantity supplied供给量 law of supply供给定理 supply schedule供给表 supply curve供给曲线 equilibrium均衡 equilibrium price均衡价格 equilibrium quantity均衡数量 surplus过剩 shortage短缺 law of supply and demand供求定理 CHAPTER 5 elasticity弹性 price elasticity of demand需求价格弹性 total revenue总收益 income elasticity of demand需求收入弹性cross-price elasticity of demand需求的交叉价格弹性price elasticity of supply供给价格弹性

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西方经济学（微观部分）期末考试试卷（A卷）考试科目：微观经济学 考试类型：（闭卷）考试时间：120 分钟学号姓名年级专业 一、单项选择题（每题0.5分，共15分，将正确答案填入答题纸上） 1.看不见的手一般指（） A、机会成本 B、政府 C、利润 D、价格 2.经济学中的“稀缺性”是指（） A 世界上大多数人生活在贫困中B、相对于资源的需求而言，资源总是不足的C用资源必须考虑下一代 D、世界上的资源终将被人类消耗光 3.如果x与y商品是互补品，x价格下降，将使y（） A、需求量增加 B、需求增加 C、需求量减少 D、需求减少 4.冰棒的需求价格弹性（）药品的需求价格弹性 A、大于 B、小于 C、等于 D、大于或等于 5.下列命题中哪个是规范经济学的命题?( ) A.征税对中等收入家庭是不公平的 B. 1982年8月政府把贴现率降到10％ C. 1981年失业率超过9％ D.社会保险税的课税依据现已超过30000美元 6.如果消费者的预算收入为50美元，商品X和Y的价格均为5美元，消费者打算购买6单位X和4单位Y，商品X、Y的边际效用分别为25和20，那么，要达到效用最大化，他应该（） A、按原计划购买 B、减少X和Y的购买量 C、增加X、Y的购买量 D、增加X的同时减少Y的量 7.消费者预算线发生平移时，连接消费者均衡点的曲线称为（） A、需求曲线； B、价格－消费曲线； C、收入－消费曲线； D、恩格尔曲线。

8.当某人面对一张彩票时，如果是212111UW P W PU W P PW U )()(])([-+?-+，则意味着这个人是属于下列哪一类人 ( ) A ．风险回避者 B ．风险喜爱者 C ．风险中立者 D ．都不是 9.如果某厂商增加一单位劳动使用量能够减少三单位资本， 而仍生产同样的产出量，则MRTS LK 为：（ ） A 1/3 B 3 C -3 D 6 10. MC 曲线达到最低时（ ） A MP 最大 B AV C 最小 C TC 最大 D AC 最小 11.某厂商每年从企业的总收入中取出一部分作为自己所提供的生产要素的报酬,这部分资金被视为（ ）。 A 、显成本； B 、隐成本； C 、会计成本 D 、经济利润。 https://www.wendangku.net/doc/5d17691576.html,C 曲线（ ）。 A 当LMC ＜LAC 时下降，而当LMC ＞LAC 时上升 B 随LM C 曲线下降而下降 C ．随LMC 曲线上升而上升 D.通过LMC 曲线的最低点 13. 在完全竞争市场中，（ ）。 A 消费者是价格接受者，而企业不是 B 消费者和企业都不是价格接受者 C 消费者和企业都是价格接受者 D 企业是价格接受者，而消费者不是 14．一个企业在以下哪种情况下应该关闭？（ ） A P ＜AVC B P ＜SAC C 发生亏损时 D SMC ＞MR 15.短期内，完全竞争厂商只能通过对（ ）调整来实现最大利润。 A.生产规模 B.价格 C.全部生产要素 D.产量 16. 完全竞争厂商的短期供给曲线应该是（ ） A 曲线上超过平均成本最低点的部分 B 曲线上超过收支相抵点的部分 C 曲线上的停止营业点和超过停止营业点以上的部分 D 曲线上的收支相抵点和超过收支相抵点以上的部分 17.下列哪一种情况对单一价格垄断者是不正确的？( ) A. 由于只有一个企业，企业的需求就是行业的需求 B. 由于没有替代品，需求缺乏弹性 C. 平均收益曲线就是需求曲线 D. 边际收益小于价格 18.寡头垄断和垄断竞争之间的主要区别是（ ）。 a.厂商的广告开支不同 b.非价格竞争的种类不同 c.厂商之间相互影响的程度不同 d.以上都不对 19. 下列那一个不是垄断竞争的特征（ ） A.厂商数目很少 B.进出该行业容易 C.存在产品差别 D.厂商忽略竞争对手的反应

曼昆的《微观经济学原理》课业笔记 英文版

Ch 1 Ten Principles of economic ?Scarcity: the limited nature of society’s resources ?Economics: the study of how society manages its scarce resources, e.g. ?There are 10 principle of economic which are needed to be remember throughout. ?People face trade-off 1. Individual(time,money) and society(efficiency vs equality). ?Cost of something is what your give up to get it.\ 1. The opportunity cost of any item is whatever must be given up to obtain it. ?Rational people thinking at margin(effect of one additional item) 1. This principle assume that everyone is rational people(made their decision base on their interests) this was addressed on Adam Smith's Wealth of Nation. ?People respond to incentives(诱惑物） 1. This statement reveals that human psychology is a important feature in economic study. ?Trade can make everyone better-off 1.Ex: trade of agricultural product and technology between Japan and America, it will break the law of PPF. It involved absolute advantages(low input) and comparative advantage(low opportunity cost win) ?Markets are usually a good way to organize economy activity. 1.Markets can balance the price. ?Government can sometime improve market outcome. ? A country's standard of living depends on its ability to produce goods and services. ?Price rise when government print too much money.

微观经济学试题及答案及详解

计算题: 1、 已知某厂商的生产函数为:Q=L 3/8K 5/8,又设P L =3,P K =5。 ⑴、 求产量Q=10时的最低成本支出与使用的L 与K 的数量。(5分) ⑵、 求产量Q=25时的最低成本支出与使用的L 与K 的数量。(5分) 求总成本为160时,厂商均衡的Q 、K 、L 的值。(5分) 2、 已知生产函数为:Q=L 0、 5K 0、 5,试证明: ⑴、 该生产过程就是规模报酬不变。(7分)⑵它受边际报酬递减规律的支配。 3、甲、乙两公司的产品的需求曲线分别为Q 1=200-0、2P 1,Q 2=400-0、25P 2,这两家公司现在的销售量分别为100与250。 (1)求甲、乙两公司当前的价格弹性？ (2)假定乙公司降价后,使乙公司的销售量增加到300,同时又导致甲公司的销售量下降到75,问甲公司产品的交叉弹性就是多少？ 4、垄断厂商的成本函数为TC=Q 2+2Q,产品的需求函数为P=10-3Q,求: (1)利润极大的销售价格、产量与利润; (2)若政府试图对该垄断厂商采取限价措施,迫使其按边际成本定价,求此时的价格与厂商的产量、利润; (3)求解收支相抵的价格与产量。 5、 假设某完全竞争厂商使用劳动与资本两种生产要素进行生产,在短期内,劳动的数量可变,资本的数量固定。厂商的成本曲线为322()161803 LTC Q Q Q Q =-+与 32 ()224120400STC Q Q Q Q =-++,试计算:(1)厂商预期的长期最低价格就是多少？ (2)如果要素价格不变,在短期内,厂商会维持经营的最低产品价格就是多少？ (3)如果产品价格就是120元,那么在达到短期均衡时,厂商将生产多少产品？获得的利润就是多少？ 6、 、 已知某消费者的效用函数U ＝XY,她打算购买X 与Y 两种商品,当其每月收入为120元,Px=2元,Py=3元时,试问: (1)为获得最大的效用,该消费者应如何选择商品X 与Y 的消费数量？ (2)假设商品X 的价格提高44％,商品Y 的价格保持不变,该消费者必须增加多少收入才能保持原有的效用水平？ 7、已知某一时期内商品的需求函数为Q d =50-5P ,供给函数为Q s =-10+5P 。 (1)求均衡价格P e 与均衡数量Q e ,并作出几何图形。 (2)假定供给函数不变,由于消费者收入水平提高,使需求函数变为Q d=60-5P 。求出相应的均衡价格P e 与均衡量Q e ,并作出几何图形。 (3)假定需求函数不变,由于生产技术水平提高,使供给函数变为Q s =-5+5P 。求出相应的均衡价格P e 与均衡量Q e ,并作出几何图形。 8、假定表2—5就是需求函数Q d =500-100P 在一定价格范围内的需求表: (2)根据给出的需求函数,求P=2元时的需求的价格点弹性。 9假定表2—6就是供给函数Qs=-3+2P 在一定价格范围内的供给表: (1)求出价格3元与5元之间的供给的价格弧弹性。 (2)根据给出的供给函数,求P=4元时的供给的价格点弹性。

微观经济学试卷及答案

微观经济学试卷一 一、单项选择题（每题2分，共30分） 1．资源稀缺是指（）。 A．世界上大多数人处于贫困之中B．相对于人们的欲望而言，资源是不足的 C．资源要保留给我们的未来D．资源最终会被耗光 2．已知某商品的需求函数和供给函数分别为：QD=14-3P，QS=2+6P,该商品的均衡价格是（）。A．4/3 B．4/5 C．2/5 D．5/2 3．总效用曲线达到顶点时（） A．边际效用曲线达到最大点B．边际效用为零 C．边际效用为正D．边际效用为负 4．假定某企业全部成本函数为TC=30000+5Q-Q2，Q为产出数量。那么TVC为（）A．30000 B．5Q-Q2 C．5-Q D．30000/Q 5．生产要素的需求曲线之所以向右下方倾斜，是因为（） A．要素的边际产品价值递减B．要素生产的产品的边际效用递减 C．要素参加生产的规模报酬递减D．以上均不正确 6．在完全竞争市场上（） A．产品有差别B．产品无差别C．有的有差别，有的无差别D．以上说法都对7．完全竞争市场的厂商短期供给曲线是指（） A．A VC >SMC中的那部分A VC曲线B．AC > SMC中的那部分AC曲线 C．SMC≥A VC那部分SMC曲线D．SMC≥AC那部分SMC曲线 8．已知一元钱的边际效用为3个单位，一支钢笔的边际效用为36个单位，则消费者愿意花（）购买这支钢笔A．12元B．36元C．3元D．108元 9．一般来说，香烟的蛛网形状是（） A．收敛型B．发散型C．封闭型D．不确定 10．已知X、Y两种商品的交叉弹性为1.8，则这两种商品为 A．独立品B．替代品C．补充品D．不能确定 11．如果商品的需求弹性为0.6供给弹性为1.5，则销售税（） A．主要由消费者承担B．主要由生产者负担 C．由生产者和消费者均等地负担D．全部由生产者负担 12．某旅游景点，对一般参观者门票为50元，对中小学生门票为25元，这种价格策略为( )。A．一级差别价格B．二级差别价格C．三级差别价格D．无差别价格13．当X商品的价格下降时，替代效应=+2，收入效应=-1，则该商品很可能是（）。A．正常商品B．一般低档商品C．吉芬商品D．奢侈品 14．已知某商品的需求量增加80%，而同期消费者的收入却增加了40%，则该商品很可能是（）。A．必需品B．奢侈品C．一般低档商品D．吉芬商品15．已知某商品的需求价格弹性为1.2，供给价格弹性为1，则价格波动形成的蛛网形状是（）。A．收敛型B．发散型C．封闭型D．不能确定 二、名词解释（每题5分，共40分） 1．需求的价格弹性（Price elasticity of demand） 2．边际效用（Marginal Utility） 3．消费者均衡（Consumer`s equilibrium） 4．无差异曲线（Indifference curve） 5．吉芬物品（Giffen good）

英文版微观经济学复习提纲Chapter 5. Economic efficiency, government price setting and taxes

5 Economic Efficiency, Government Price Setting, and Taxes Chapter Summary Although rent controls no longer in Australia, many governments around the world, such as Malaysia and the U.S., have placed ceilings on the maximum rent some landlords can charge for some apartments and houses. Governments also impose taxes in some markets. To understand the economic impact of government in markets it is necessary to understand consumer surplus and producer surplus. Consumer surplus is the dollar benefit consumers receive from buying goods and services at market prices less than the maximum prices they would be willing to pay. Producer surplus is the dollar benefit producers receive from selling goods and services at prices greater than the minimum prices they would be willing to accept. In a competitive market with no externalities the equilibrium price for a good or service occurs where the marginal cost of the last unit produced and sold is equal to the marginal benefit consumers receive from the last unit bought. At this same level of output, economic surplus, the sum of consumer and producer surplus, is maximized. Although price controls on rent no longer exist in Australia, there are many other examples of the government setting prices, such as the minimum wage in labour markets (a “floor price”). Compared to the competitive equilibrium, price ceilings and price floors reduce economic efficiency. A tax on the sale of a good or service also reduces economic efficiency. The burden of a tax (or tax incidence) is the degree to which consumers or producers actually pay the tax. The incidence of a tax depends on how responsive producers and consumers are to the price change caused by the tax. Learning Objectives When you finish this chapter you should be able to: 1Understand the concepts of consumer surplus and producer surplus. Consumer surplus is the benefit consumers receive from paying a price lower than the maximum price they would be willing to pay. Producer surplus is the benefit a firm receives from selling a good or a service at a price higher than the minimum the firm would be willing to accept. Economic surplus is the sum of consumer surplus plus producer surplus. 2Understand the concept of economic efficiency, and use a graph to illustrate how economic efficiency is reduced when a market is not in competitive equilibrium. An economically efficient outcome occurs when a competitive market equilibrium is reached. Maximum economic efficiency results when the marginal benefit received by consumers from the last unit bought equals the marginal