Ask Question
BusinessBusiness
12 June, 06:55

In a competitive market, the quantity of a product produced and the price of the product are determined by: a. buyers. b. sellers. c. both buyers and sellers. d. neither buyers nor sellers.

+4
Answers (1)
  1. 12 June, 07:23
    0
    Option C "both buyers and sellers" is correct answer.

    Explanation:

    The competitive market is the market where a large number of buyers and sellers exist with the liberty of free entry and exit. Moreover, these firms sell homogeneous commodities. However, in the competitive market, the price of the commodity is determined by the market forces (demand and supply). The intersection of the market demand curve and the market supply curve gives the equilibrium price and this price is followed by the firms. Since buyer and seller represent the market forces that are buyer represent the market demand and seller represent the market supply so when both act together then price and quantity is determined.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In a competitive market, the quantity of a product produced and the price of the product are determined by: a. buyers. b. sellers. c. both ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Suppose U. S.-based Intel Corporation builds and operates a new computer chip factory in Ghana. Future production from such an investment would a. increase Ghanaian GDP more than it would increase Ghanaian GNP. b.
Answers (1)
Residents of the town of Maple Grove who are connected to the municipal water supply are billed a fixedamount monthly plus a charge for each cubic foot of water used. In other words, the monthly bill is a linearfunction of the water used.
Answers (1)
For most products, purchases tend to fall with decreases in consumers' incomes. Such products are known as r: a. inferior goods. b. direct goods. c. average goods. d. normal goods.
Answers (1)
Consider a project that involves painting five similar houses over ten weeks (one house every two weeks) for a total budgeted cost of $20,000. The budget is $4,000 per house.
Answers (1)
Bass Clef Music Company assigns workers to departments based on similar skills. Currently, the company has a marketing department, a production department, a finance department, and a human resources department.
Answers (2)
New Questions in Business
Pool Line is the manufacturer of a pool cleaning system that has been called by the pool construction industry, "the miracle we have waited a lifetime for." The cleaning system is very effective and recommended by all consumer magazines.
Answers (1)
Use the following example to answer the following questions: Imagine that Stella deposits $25,000 in currency (which she had been storing in her closet) into her checking account at the bank.
Answers (1)
Barr Corp. started a long-term construction project in 20X0. The following data relate to this project: Contract price $4,200,000 Costs incurred in 20X0 $1,750,000 Estimated costs to complete $1,750,000 Progress billings $900,000 Collections on
Answers (1)
Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building.
Answers (1)
Nareen is single, 68 years old, and reports the following in 2018: a. $12,000 alimony received (divorced in 2010) b. $82,520 Schedule C profit c. $3,500 SEP (self-employed pension) plan contribution d. $7,150 qualified dividends e.
Answers (1)
Home » Business » In a competitive market, the quantity of a product produced and the price of the product are determined by: a. buyers. b. sellers. c. both buyers and sellers. d. neither buyers nor sellers.
Sign Up Forgot Password?