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JAMB Economics 1986 Question 3

Question 3

Economic Systems

Under normal circumstances the concept of consumer sovereignty implies that

  1. A.the consumer and not the producer owns the means of production
  2. B.the producer and not the consumer determines what is to be produced
  3. C.the consumer and not the producer determines what is to be produced
  4. D.both the consumer and the producer determine what is to be produced.
Show the answer and explanation

Answer: C (the consumer and not the producer determines what is to be produced)

Explanation

Consumer sovereignty means consumers, through what they choose to buy, decide what producers make.