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.

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.