"The 'Dollar Votes' of Consumers Ultimately Determine the Composition of Output

question 102

Multiple Choice

"The 'dollar votes' of consumers ultimately determine the composition of output and the allocation of resources in a market economy." This statement best describes the concept of:

• A)derived demand.
• B)external costs and benefits.
• C)consumer sovereignty.
• D)the invisible hand.

---

Definitions:

Simplification (Simp)

The process of making something less complicated or easier to understand.

Disjunctive Addition (Add)

A rule in propositional logic that allows the introduction of an additional disjunct to an existing disjunction.

Double Negation (DN)

A rule of equivalence in propositional logic permitting the following substitution: p :: ~~p.

Modus Ponens (MP)

A valid argument form in logic where, if 'P implies Q' is true and 'P' is true, then 'Q' must also be true.