Which of the following is an example of consumer sovereignty?
a. People must pay a portion of their wages to social security.
b. Car manufacturers change vehicle body styles in response to sales.
c. Federal tax rates are based on a person’s earnings.
d. Companies often donate products to help with disaster relief.
b. Car manufacturers change vehicle body styles in response to sales.
You might also like to view...
In the long run, a firm in perfect completion will earn which of the following?
a. Economic loss b. Economic profit c. Zero economic profit d. Either economic loss or profit
In Figure 23.3, diagram "a" presents the cost curves that are relevant to a firm's production decision, and diagram "b" shows the market demand and supply curves for the market. Use both diagrams to answer the following question: In Figure 23.3, if market demand is at D1, the firm should
A. Produce q1. B. Leave the market. C. Shut down. D. Do any of the above depending on the position of the AVC and the length of the time period.