"Consumer sovereignty" means that buyers determine what will be produced based on their "dollar votes" for the goods and services offered by sellers. advertising is ineffective because consumers already know what they want. buyers control the quality of goods and services through regulatory agencies. buyers can dictate the prices at which goods and services will be offered.

"Consumer sovereignty" means that buyers determine what will be produced based on their "dollar votes" for the goods and services offered by sellers. advertising is ineffective because consumers already know what they want. buyers control the quality of goods and services through regulatory agencies. buyers can dictate the prices at which goods and services will be offered.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter9: Monopoly

Section: Chapter Questions

Problem 1QFR

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