Which concept explains how individual consumers in market economies determine what is to be produced?
A)competition
B)consumer sovereignty
C)decentralized decision-making
D)free enterprise

Question

Which concept explains how individual consumers in market economies determine what is to be produced?
A)​competition
B)​consumer sovereignty
C)​decentralized decision-making
D)​free enterprise

Quizplus · Accepted Answer

Consumer sovereignty refers to the idea that individual consumers, rather than producers or government, determine what is to be produced through their purchasing decisions in a market economy.

Which Concept Explains How Individual Consumers in Market Economies Determine