Question

A group of buyers and sellers of a particular good or service is called a(n)a.coalition.b.economy.c.market.dpetition.____9. In a competitive market, the quantity of a product produced and the price of the product are determined bya.buyers.b.sellers.c.both buyers and sellers.d.None of the above is correct.____ 10. For a competitive market,

Answer 1

Answer: market

none of the above

Explanation: In simple words market refers to a natural gathering of people for the purpose of buying and selling commodities in exchange for money and satisfying each other's wants.

In a competitive market structure, the prices and quantity are determined by the market forces of demand and supply as there are large number of participants operating at a small level. Hence no individual party is able to influence the price and quantity.