In a perfectly competitive market in short-run equilibrium, a. the price and quantity bought and sold in the market are determined by the shutdown point b. only demand determines the price and quantity bought and sold in the market because all firms are price takers c. only supply determines the price and quantity bought and sold in the market because the good has many substitutes d. market supply and market demand determine the price and quantity bought and sold in the market.

D. Market supply and market demand determine the price and quantity bought and sold in the market.

Explanation:

In perfectly competitive market, equilibrium price and quantity is determined at the point where the aggregate supply curve and aggregate demand curve intersect.

If either supply or demand changes, the supply/demand curve will shift to intersect the demand/supply curve at a new equilibrium point.

In other words, although both suppliers and buyers are price-takers they both influence price and quantity bought and sold, at the aggregate level.

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