Question
Asked Oct 24, 2019
9.
In a competitive market, the quantity of a product produced and the price of the product are
determined by
a. buyers
b. sellers
both buyers and sellers.
C.
None of the above is correct.
d.
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9. In a competitive market, the quantity of a product produced and the price of the product are determined by a. buyers b. sellers both buyers and sellers. C. None of the above is correct. d.

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Step 1

Market: Market refers to the place where the buyers and sellers of the goods and services come in close contact. However, the marketplace can be a virtual place over the internet or telephone.

Step 2

Option “C” Both buyers and sellers are the correct answer because in competitive market buyers represent the demand curve. While the sel...

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