How does the market determine the price and the quantities supplied and demanded?

A- A market price is established by a government agency and both suppliers and consumers have to accept it.

B- All of the suppliers get together and determine the price and the quantities that each firm will produce

C- Competition among suppliers and consumers eventually brings the market to an equilibrium price

D- A meeting of consumers establishes a price, then firms produce whatever quantities they think will give them a profit.

Question

How does the market determine the price and the quantities supplied and demanded?

A- A market price is established by a government agency and both suppliers and consumers have to accept it.

B- All of the suppliers get together and determine the price and the quantities that each firm will produce

C- Competition among suppliers and consumers eventually brings the market to an equilibrium price

D- A meeting of consumers establishes a price, then firms produce whatever quantities they think will give them a profit.

anonymous · Answer

c