The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. this statement best describes the concept of the dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. this statement best describes the concept of

Answers

I’m pretty sure the answer is B
I believe your answer is B
Dollar voting is an analogy that has been used to refer to the impact of consumer choice on producers' actions through the flow of consumer payments to producers for their goods and services.

What will be produced.

Explanation:

Consumer sovereignty is the theory that consumer preferences determine the production of goods and services. This means consumers can use their spending power as 'votes' for goods. In return, producers will respond to those preferences and produce those goods.

A competitive market system is one that involves many buyers and sellers. This is a system where the supply and demand for goods and services largely determines what is produced, how it's to be produced, how much is produced, how the output is to be distributed, and how the economy absorbs change.

Dollar voting is an analogy that has been used to refer to the impact of consumer choice on producers' actions through the flow of consumer payments to producers for their goods and services.

C. The reduction in funding for research to cure other diseases. 

E. whether the last dollar devoted to research on heart disease results in more benefit than the last dollar spent on research for curing other diseases.

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

In this question, the opportunity cost is the The reduction in funding for research to cure other diseases. 

Rational decision makers should only choose an option when the marginal benefits exceeds the marginal cost .

I hope my answer helps you

a concept that explains how a customer’s choices affect which products a business should continue to supply in the market    

Explanation:

In simple words, Dollar voting relates to the example used only to relate to the effect of consumer demand on the behavior of suppliers via the stream of consumer purchases for their commodities to the suppliers.

In the potential, goods which people purchase will continue to be made. Throughout the future, product lines which are not selling as well as anticipated will probably have fewer productive assets. Efficiently, customers vote for "finalists" as well as "whiners" with their transactions as per this metaphor.

2. advertising is ineffective because consumers already know what they want.

Explanation:

Consumer sovereignty is the idea that it is consumers who influence production decisions because they decide what to buy by checking to see that their expectations are meet. Production of goods is designed towards meeting the needs of the consumers. The consumers select what they want to buy by the checking if the good fulfills their needs and wants.

Option D

 

Explanation: The dollar votes is an analogy used for the process under which the consumer decides what will be produced in the economy by making the use of their purchasing power.  

Under this phenomenon only those goods will be produced on which the consumers are willing to spend their dollars.

Hence the correct option is D.

Consumer Sovereignty

Explanation:

Consumer sovereignty in production refers to the controlling power of consumers and that the production of goods and services is determined by the consumers' demand.

In the given scenario, The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy, and hence this statement best describes the concept of Consumer Sovereignty



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