The Term Consumer Sovereignty Refers To

question 73

Multiple Choice

The term consumer sovereignty refers to:

• A)the fact that consumers' choices are limited to what the producers decide to produce.
• B)a situation in which the government decides what is produced.
• C)the idea that consumers ultimately determine what is produced.
• D)the idea that consumers try to maximize their utility.
• E)the idea that the preferences of both producers and the government ultimately determine what is produced.

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Definitions:

Parol Evidence Rule

A legal rule that excludes the admission of oral statements, written agreements outside the contract, or preliminary agreements in interpreting a written contract.

Parol Evidence Rule

The parol evidence rule is a legal principle that prevents parties in a written contract from presenting external evidence that contradicts or adds to the written terms of the contract.

Statute Of Frauds

A legal concept that requires certain types of contracts to be written and signed in order to be legally enforceable.

At Will

Refers to employment arrangements where either the employer or employee can end the employment relationship at any time, for any reason not prohibited by law, and without prior notice.