1. In a competitive market, the quantity of a product produced and the price of the product are determined by
c. both buyers and sellers.
d. None of the above is correct.
2. Which of the following statements is correct?
a. Buyers determine supply and sellers determine demand.
b. Buyers determine demand and sellers determine supply.
c. Buyers determine both demand and supply
d. Sellers determine both demand and supply
3. The demand for a good or service is determined by
a. those who buy the good or service
b. the government.
c. those who sell the good or service.
d. both those who buy and those who sell the good or service.
4. An increase in supply is represented by
a. a movement downward and to the left along a supply curve.
b. a movement upward and to the right along a supply curve.
c. a rightward shift of a supply curve.
d. a leftward shift of a supply curve
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