Consumer sovereignty refers to a situation in which there is only one "sovereign" consumer deciding what is to be produced in the market
Indicate whether the statement is true or false
F
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If a pollution tax in a market with an external cost changes the market so that it produces the efficient level of output, which of the following occurs?
i. The supply curve shifts leftward. ii. The price increases. iii. The quantity produced decreases. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
A good is classified as inferior if:
a. consumers buy less when the price rises. b. consumers buy less when income rises. c. consumers buy less when the price falls. d. consumers buy more when income rises. e. better quality goods exist.
Which of the following is not a typical solution to the "Tragedy of the Commons?"
a. taxing the use of the common resource b. turning the common resource into a club good c. turning the common resource into a private good d. regulating the use of the common resource
If you wanted to unionize workers, you could increase your chances by attempting to unionize workers
A. in the South. B. in right-to-work states. C. at foreign-owned automobile firms. D. at government agencies.