Under normal circumstances, the concept of consumers sove...
Under normal circumstances, the concept of consumers sovereignty implies that
The consumer and not the producer owns the means of production
The producer and not the consumer determines what is to be produced
The consumer and not the producer determines what is to be produced
Both the consumer and the producer determines what should be produced
Correct answer is C
Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced.
The graph above represents _______ ...
A monopolist can boost up his revenue by ...
If commodities X and Y are substitute, their cross elasticity of demand will be ...
The profit of a monopolist can be eliminated where price equals ...
If the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a ...
A major characteristics of a firm operating at a long-run equilibrium position is that ...
One major difference between monopoly and perfect competition is that ...