Describe the basic principles of consumer sovereignty.
What will be an ideal response?
Consumers, not producers or governments, dictate the type, quality, and quantity of goods and services tobe provided.
Elements of democracy are present, including the idea of voting through purchase decisions and that thesedecisions are made based upon the preferences of a majority.
Consumers are free to make their own choices and are not unduly influenced by producers or
governments.
An economic system operates more efficiently when consumers determine production.
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The journal entry to record production costs debits Work in Process and credits Finished Goods
Indicate whether the statement is true or false
What is repeating group data?
Give an example of a survey question that would measure a customer's level of satisfaction
What will be an ideal response?
________ is a principle declaring that any state or local law that directly conflicts with the federal Constitution, laws, or treaties is void
A) Federal preemption B) Federal supremacy C) Selective incorporation D) Heckler's veto