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

Question

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

Sellars set the price of the product.

There are many sellers.

Buyers must accept the price of the market

All of the statements are characteristics of a perfectly competitive market.
1 points
Question 8

Which of the following events could shift the demand curve for gasoline to the left?
Answer

The income of gasoline buyers rises, and gasoline is a normal good.

The income of gasoline buyers of falls and gasoline is an inferior good.

Public service announcements run on television to encourage people to walk or ride bicycles instead of driving cars in cities with good walking and bicycle paths.

The government reduces taxes on gasoline.

Explanation / Answer

Buyers must accept the price of the market The income of gasoline buyers rises, and gasoline is a normal good.

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