Question
The concept that under a system of free enterprise, it is consumers who decide what goods and services shall be produced and in what quantities is known as
Answer: Option A
Answer: (a)
Consumer sovereignty means that buyers ultimately determine which goods and services remain in production.
While businesses can produce and attempt to sell whatever goods they choose, if the goods fail to satisfy the wants and needs, consumers decide not to buy.
If the consumers do not buy, the businesses do not sell and the goods are not produced.
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Answer: (a)
Consumer sovereignty means that buyers ultimately determine which goods and services remain in production.
While businesses can produce and attempt to sell whatever goods they choose, if the goods fail to satisfy the wants and needs, consumers decide not to buy.
If the consumers do not buy, the businesses do not sell and the goods are not produced.
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