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Economics · Oct / Nov 2018 · Paper 12 · Question 12

2281Types of markets

What is correct for firms in perfect competition?

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

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Correct answer: B. They are price takers.

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