O-LevelEconomicsMicroeconomic decision makers2281/11 · May/June 2021 · Q131 Mark

Why are many hairdressers able to operate as small businesses?

Ahigh level of competition

Bhigh scope for economies of scale

Clong period of training required

Dlow start-up and running costs

✓ Correct answer

D: low start-up and running costs

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2021 Paper 1 Variant 1, question 13.

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