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. None of the above is correct.
c
Economics
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The main policy goal for a country according to the mercantilists is
A) to create a one-time deficit in the balance of payments. B) to create a continuing deficit in the balance of payments. C) to create a one-time surplus in the balance of payments. D) to create a continuing surplus in the balance of payments. E) to create specie overflows.
Economics
Which of the following type of firm is not a price taker in the market in which the firm buys its inputs?
a. Perfect competition. b. Monopsony. c. Oligopoly. d. Monopoly.
Economics