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Author Question: What is meant by consumer sovereignty? What will be an ideal ... (Read 119 times)

sheilaspns

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on: Jun 29, 2018
What is meant by consumer sovereignty?
 
  What will be an ideal response?

Question 2

A natural monopoly under rate of return regulation has an incentive to
 
  A) pad its costs.
  B) produce more than the efficient quantity of output.
  C) charge a price equal to marginal cost.
  D) maximize consumer surplus.


Liddy

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Consumer sovereignty is the idea that consumers ultimately dictate what will be produced (or not produced) by choosing what to purchase (or not to purchase).

Answer to Question 2

A


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