In a market system, who ultimately determines what is produced? A)Consumers B)Bu

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In a market system, who ultimately determines what is produced? A)Consumers
B)Business managers
C)Entrepreneurs
D)The government
E)Stockholders

Which of the following correctly describes the market-clearing price? A)It is the price which minimizes the aggregate surplus in the market.
B)It is the same as the equilibrium price.
C)It is the price at which the maximum quantity of the good is sold.
D)It is the minimum price at which the product must be sold for the firm to remain in business.
E)It is the price at which firms have to exit the market.

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.
In a market system, who ultimately determines what is produced? A)Consumers
B)Business managers
C)Entrepreneurs
D)The government
E)Stockholders
In a market system, who ultimately determines what is produced?
Which of the following correctly describes the market-clearing price? A)It is the price which minimizes the aggregate surplus in the market.
B)It is the same as the equilibrium price.
C)It is the price at which the maximum quantity of the good is sold.
D)It is the minimum price at which the product must be sold for the firm to remain in business.
E)It is the price at which firms have to exit the market.
Which of the following correctly describes the market-clearing price? A)It is the price which minimizes the aggregate surplus in the market.
B)It is the same as the equilibrium price.
C)It is the price at which the maximum quantity of the good is sold.
D)It is the minimum price at which the product must be sold for the firm to remain in business.
E)It is the price at which firms have to exit the market.
Which of the following correctly describes the market-clearing price?
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.
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. The term consumer sovereignty refers to:

Explanation / Answer

Hi, If you like my answer, please rate my answer first and according to my answer...that way only I can earn points. Thanks In a market system, who ultimately determines what is produced? A)Consumers Which of the following correctly describes the market-clearing price? D)It is the minimum price at which the product must be sold for the firm to remain in business. The term consumer sovereignty refers to: C)the idea that consumers ultimately determine what is produced. ‘Walkmans’ that played audio cassettes were withdrawn from the market by Sony Corporations soon after MP3 players became popular among consumers. Which of the following factors is most likey to have led to this outcome? C)Consumer sovereignty The wireless communication business has changed dramatically since the 1980s, going from mobile phones to smartphones. This was only possible because: B)consumers welcomed the changes and were willing and able to pay for them. C)of the dot-com stock market bubble that lasted from 1995 to 2000. The resources owned by firms that shut down in the process of creative destruction: C)move to activities where they are more highly valued. Which of the following is true of a freely functioning market? E)Markets do not allow obsolescence and inefficiency to thrive. The market process by which new products and new firms replace existing products and firms is called: D)creative destruction.

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