"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.

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Definitions:

Six-figure Accuracy

Precision that extends to six digits.

Overline

In mathematics, a line drawn over symbols to indicate that they are considered together, such as in the notation for a repeating decimal.

Denominator

The number under a division line in a fraction. The denominator is also known as the divisor.

Unknown Variable

A symbol in mathematics that represents a number or value which is not yet identified.