A major feature of a market system is that:
A) there is economic equality.
B) there is consumer sovereignty.
C) there is full employment.
D) all producers make profits.

Question

Quizplus · Accepted Answer

Consumer sovereignty is the principle that individuals ultimately make the decisions of what goods and services are produced through their purchasing decisions. This is a major feature of the market system, as it allows for competition and innovation to occur as businesses try to satisfy consumer demands. Economic equality, full employment, and universal profitability of all producers are not necessarily features of a market system.

A Major Feature of a Market System Is That