第六章 Perfectly Competitive Market：This chapter introduces perfect competition in the short run and long run. Welfare tools are applied when analysing the effect of policies.6.1Perfect Competition and Profit Maximization:A competitive firm is a price taker, and as such, it faces a horizontal demand curve. To maximize profit, any firm must make two decisions: how much to produce and whether to produce at all.[单选题]market where no single buyer or seller can influence the price is选项:[American market, a competitive market, a buyer's market, a seller's market]
6.2Competition in the Short Run:Variable costs determine a profit-maximizing, competitive firm’s supply curve and market supply curve, and with the market demand curve, the competitive equilibrium in the short run.
6.3Competition in the Long Run:Firm supply, market supply, and competitive equilibrium are different in the long run than in the short run because firms can vary inputs that were fixed in the short run. In long-run competitive market equilibrium, profit-maximizing firms break even, so firms that do not try to maximize profit lose money and leave the market.
6.4Consumer Welfare and Producer Welfare:How much consumers are helped or harmed by a change in the equilibrium price can be measured by using information from demand curves or utility functions. How much producers gain or lose from a change in the equilibrium price can be measured by using information from the marginal cost curve or by measuring the change in profits.
6.5Competition Maximizes Welfare:Competition maximizes a measure of social welfare based on consumer and producer welfare
6.6Policies That Shift Supply and Demand Curves:Government policies that shift the supply or demand curves in perfectly competitive markets harm consumers and lower welfare. Government policies such as taxes, price ceilings, price floors, and tariffs that create a wedge between the supply and demand curves reduce the equilibrium quantity, raise the equilibrium price to consumers, and lower welfare. Policies that limit supply (such as quotas or bans on imports) or create a wedge between supply and demand (such as tariffs) have different welfare effects when both policies reduce imports by equal amounts.
[单选题]If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be true at that level of output?选项:[p > MC, All of the above, MR > MC, p ≥ AVC]
[单选题]The Canadian metal chair manufacturing market has n = 78 firms. The estimated elasticity of supply is ηo = 3.1, and the estimated elasticity of demand is ε = - 1.1. Assuming that the firms are identical, calculate the elasticity of demand facing a single firm.选项:[-324.5, 275.5, -275.5, 324.5]
[单选题]If the inverse demand function for toasters is p = 60 - Q, what is the consumer surplus if price is 30?选项:[450, 300, 900, 150]
[单选题]Assume a consumer has a horizontal demand curve for a product. His consumer surplus from buying the product选项:[cannot be calculated, equals zero, is maximized, Need more information]
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