The freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets describes:
A) socialism.
B) communism.
C) consumer sovereignty.
D) the aspirations of Karl Marx.

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the power of consumers in a market economy to determine the goods and services produced by the choices they make in purchasing these goods and services. This power is based on the freedom of consumers to choose which products they want to buy and at what price. It is a key principle of capitalism and free-market economics. Choices A, B, and D refer to different forms of economic and political systems that do not emphasize consumer sovereignty.

The Freedom of Consumers to Cast Their Dollar Votes to Buy