Production costs-Consumer Sovereignty

I have a problem in economics on Production costs-Consumer Sovereignty. Please help me in the following question. In the market economy, output patterns mainly reflect: (i) Individual votes by each and every consumer. (ii) The requirements of majority of the population. (iii) Policies of the political party in power. (iv) Relative production costs, consumer tastes, size and the distribution of income.

What is most precise option.

View Complete Question

Related Questions in Microeconomics

Q : Imperfect competition problem I have a

I have a problem in economics on Imperfect competition problem. Please help me in the following question. As MRP < VMP in the imperfect competition whenever firms have market power as the sellers: (1) MPPL = VMP. (2) Price of output surpasses MFC.

Q : Formula to Economic profit Can someone

Can someone please help me in finding out the most accurate answer from the following question. The Economic profit equivalents: (1) Accounting profit minus the implicit costs. (2) Normal profit. (3) Net revenue minus the implicit costs. (4) Net revenue minus the expl

Q : Why demand curve face monopolistically

Why is demand curve facing a monopolistically competitive firm probable to be very elastic?

Q : Leftward shift of PPC What does

What does leftward shift of PPC point out? Answer: It points out underutilization of resources.

Q : Profits and losses in long run In the

In the long run: (i) purely competitive firms make zero economic profits. (ii) monopolistically competitive firms make zero economic profits. (iii) effective barriers to entry may permit economic profits. (iv) oligopolists and monopolists may realize

Q : Borrower and lenders in financial

Financial institutions like banks perform as intermediaries. They lend their savings of depositors to final borrowers, charging more interest to borrowers than they pay to depositors, who are the eventual providers of loans. How does it decrease the <

Discover Q & A

Leading Solution Library

Avail More Than 1448826 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1941099
Asked

3,689

Active Tutors

1448826

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment