Demand patterns are determined by the market on the basis of
ECONOMICSJAMB 2011
Demand patterns are determined by the market on the basis of
- A. scale of preference
- B. consumer sovereignty
- C. cosumer rationality
- D. price of the commodity
Correct Answer: B. consumer sovereignty
Explanation
Demand patterns are predictions on how consumers react to different products and services in the market. One of the major tools that affects demand patterns is consumer sovereignty. In consumer sovereignty it is believed that the desires and needs of consumers control the output of producers.
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