The Market System Is Said to Be Characterized by "Consumer

question 186

Multiple Choice

The market system is said to be characterized by "consumer sovereignty." This is because

• A)a sovereign government determines which consumer goods will be produced.
• B)the prices of consumer goods are regulated by a sovereign government.
• C)firms must match their production decisions to the consumers' choices.
• D)consumer goods are considered to be more important than capital goods.Difficulty: 02 Medium

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Definitions:

Competitive Advantage

The attributes or abilities of a firm that enable it to outperform its competitors.

Original Content

Unique material produced for publication or broadcast that has not been copied or adapted from existing works.

Business Portfolio Model

A strategic tool used by companies to manage and evaluate the performance of their business units and product lines.

Strategic Business Units

Distinct units within a larger corporation that operate independently with their own strategy and objectives, often in different markets or industries.