Consumer sovereignty and "dollar votes" are most related to which fundamental question about a competitive market system?
A)What will be produced?
B)How is the output to be produced?
C)How can the system accommodate change?
D)Who is to receive the output?

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the idea that in a competitive market system, consumers have the power to determine what goods and services are produced by their choices in the marketplace. This is closely related to the fundamental question of "What will be produced?" as it ultimately depends on the demand and preferences of consumers. The concept of "dollar votes" refers to the idea that consumers vote with their money in the marketplace, indicating what goods and services they value and want to see produced.

Consumer Sovereignty and "Dollar Votes" Are Most Related to Which