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JAMB Economics 2009 Question 2

Question 2

Economic Systems

A typical feature of a market economy is that

  1. A.all producers make profit
  2. B.full employment exists
  3. C.consumer sovereignty exists
  4. D.there is equality of economic agents
Show the answer and explanation

Answer: C (consumer sovereignty exists)

Explanation

In a market economy consumers' spending decides what gets produced; this is consumer sovereignty.