The market system is said to be characterized by "consumer sovereignty." This is because
A)a sovereign government determines which consumer goods will be produced.
B)the prices of consumer goods are regulated by a sovereign government.
C)firms must match their production decisions to the consumers' choices.
D)consumer goods are considered to be more important than capital goods.Difficulty: 02 Medium

Question

Quizplus · Accepted Answer

Consumer sovereignty means that consumers have the power to decide what goods and services are produced by expressing their preferences through their purchasing choices, thus influencing firms' production decisions.

The Market System Is Said to Be Characterized by "Consumer