In a "perfectly competitive market," firms are:
✓ Correct Answer: Option B
In perfect competition, individual firms are price takers — they accept the market price because they are too small to influence it.
📚 About This IB Exam Prep Practice Question
This 2-level IB Exam Prep question from the Economics topic is part of BrainForge Quiz's free exam preparation library. Each question includes the correct answer and a detailed explanation to help you understand the underlying concept, not just memorize the answer.
How to use this page: Read the question above, consider all four options (A through D), then check the highlighted correct answer and explanation. For active timed practice, start a free IB Exam Prep practice test or use flashcards for spaced repetition review.