McDonald's introduced the "Big Mac" in 1968 and it turned out to be a hit, but the "Arch Deluxe" introduced in 1996 was not. The success or failure of a product in the market system is determined by:
A) Capitalism and entrepreneurship
B) Specialization and exchange
C) Consumer sovereignty and dollar votes
D) Capital goods and roundabout production

Question

Quizplus · Accepted Answer

The success or failure of a product in the market system is determined by consumer sovereignty, meaning consumers have the power to decide what products succeed or fail through their dollar votes (i.e. purchases). Capitalism, entrepreneurship, specialization and exchange, and capital goods and roundabout production are all important aspects of the market system, but they are not the sole determinants of a product's success or failure in the marketplace.

McDonald's Introduced the "Big Mac" in 1968 and It Turned