Agroup of buyers and sellers of a particular good or service is called a(n)a. coalition. b.economy. c.market.. 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 10. for a competitive 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.
Option C “both buyers and sellers” is correct answer.
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.
answer; /// radio frequency identification;