In a market system, consumers exercise consumer sovereignty, which is crucial in determining the types and quantities of goods purchased. True
Indicate whether the statement is true or false
Ans: True
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Economists refer to the series of induced increases in consumption spending that result from an initial increase in autonomous expenditures as the ________ effect
A) multiplier B) expenditure C) aggregate demand D) consumption
The difference between the economic and accounting costs of a firm are
A) the accountant's fees. B) the corporate taxes on profits . C) the opportunity costs of the factors of production that the firm owns. D) the sunk costs incurred by the firm. E) the explicit costs of the firm.
Gross domestic product for 2000 tries to measure the market value of all final goods and services produced in 2000 . But not everything produced in the economy gets onto the market
Indicate whether the statement is true or false
Why do firms practice price discrimination?