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 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

Question

Kamden Bond

Business

1 October, 01:38

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 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

+3

Answers (1)

Know the Answer?

Ayana Mueller · Answer 1

Consumer Sovereignty

Explanation:

Consumer sovereignty in production refers to the controlling power of consumers and that the production of goods and services is determined by the consumers' demand.

In the given scenario, The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy, and hence this statement best describes the concept of Consumer Sovereignty