◈ Oracle PrepSign Up Free
O-LevelEconomicsMicroeconomic decision makers2281/12 · Oct/Nov 2018 · Q121 Mark

What is correct for firms in perfect competition?

AThey achieve economies of scale.
BThey are price takers.
CThey make use of non-price competition.
DThey produce differentiated products.

✓ Correct answer

B: They are price takers.

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Microeconomic decision makers and see which topics are most likely to come up next.

Sign up free →

About this question

Topic
Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source
O-Level Economics, Oct/Nov 2018 Paper 1 Variant 2, question 12.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Economics questions

Microeconomic decision makersMay/June 20121m

What might cause a rise in the proportion of income that a person saves?

Microeconomic decision makersMay/June 20121m

For anything to be used as money, it must be

Microeconomic decision makersMay/June 20121m

Which is a major function of a commercial bank?

Economic developmentMay/June 20101m

Why is the Human Development Index (HDI) a better indicator of comparative living standards than Gross Domestic Produ…

Government and the macroeconomyMay/June 20101m

What is likely to happen in an economy that experiences uncontrolled hyperinflation?

Economic developmentMay/June 20101m

Gross Domestic Product (GDP) per capita is commonly used as an indicator of the comparative level of development in d…

← Browse all past-paper questions

© 2026 Oracle Prep