Video stores like Blockbuster and Family Video used to be commonplace in cities across the United States. As different options like Redbox and Netflix entered the market, consumers shifted their interests in response as they adapted to the competitors. Which force affecting markets does this best represent?

Question

Quizplus · Accepted Answer

This scenario best represents consumer sovereignty, which is the idea that consumers determine what goods and services are produced by choosing what to purchase. The shift from video stores to services like Redbox and Netflix shows how consumer preferences can change the market landscape.

Video Stores Like Blockbuster and Family Video Used to Be