Which of the following is not a characteristic of a perfectly competitive market?

a.Sellers set the price of the product.

b. There are many sellers.

c.Buyers must accept the price the market determines.

d. All of the above are characteristics of a perfectly competitive market.

If a study by medical researchers finds that eating brown rice causes weight loss while eating white rice causes weight gain, then we likely would see

a.an increase in demand for brown rice and a decrease in demand for white rice.

b.a decrease in demand for brown rice and an increase in demand for white rice.

c.an increase in demand for both brown and white rice.

d.no change in demand for either type of rice because weight loss is not a determinant of demand.

Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the

a.demand for bicycle assembly workers will increase.

b.supply of bicycles will shift to the right.

c.supply of bicycles will shift to the left.

d.firm must increase output to maintain profit levels.

f a study by medical researchers finds that eating brown rice causes weight loss while eating white rice causes weight gain, then we likely would see

a.an increase in demand for brown rice and a decrease in demand for white rice.

b.a decrease in demand for brown rice and an increase in demand for white rice.

c.an increase in demand for both brown and white rice.

d.no change in demand for either type of rice because weight loss is not a determinant of demand.

Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the

a.demand for bicycle assembly workers will increase.

b.supply of bicycles will shift to the right.

c.supply of bicycles will shift to the left.

d.firm must increase output to maintain profit levels.