O-LevelEconomicsMicroeconomic decision makers2281/12 · Oct/Nov 2023 · Q151 Mark

In which type of industry is a firm most likely to make a large profit in the short run and in the long run?

Anumber of firms in the industry many, barriers to entry into the industry high

Bnumber of firms in the industry many, barriers to entry into the industry low

Cnumber of firms in the industry one, barriers to entry into the industry high

Dnumber of firms in the industry one, barriers to entry into the industry low

✓ Correct answer

C: number of firms in the industry one, barriers to entry into the industry high

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2023 Paper 1 Variant 2, question 15.

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