Question

True or false: In a market system, consumers exercise consumer sovereignty, which is crucial in determining the types and quantities of goods produced.

Answer 1

It is true that in a market system, consumers exercise consumer sovereignty, is crucial in determining the types and quantities of goods produced.

What is consumer sovereignty?

Consumer sovereignty refers to the control exercised by consumers' preferences on the production of goods.

Here, the consumers have the power to judge what goods as well as services are produced as the case maybe.

Learn more about consumer sovereignty here: brainly.com/question/4397035

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