If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited? Consumers still rely on producers' set prices. Few products are actually sold on the basis of pure competition. Choices are driven by price when goods are identical. Limited price variations restrict actual choice.

Question

Business

Uriah Marshall

24 January, 01:09

If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited? Consumers still rely on producers' set prices. Few products are actually sold on the basis of pure competition. Choices are driven by price when goods are identical. Limited price variations restrict actual choice.

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Answers (2)

Know the Answer?

Keith · Answer 1

C: Choices are driven by price when goods are identical.

Explanation:

On Edgen, just took the test.

Hobbs · Answer 2

The answer is:. Limited price variations restrict actual choice.

Consumers have different range of income level. This mean that When companies set the price for their products, not all consumers would be able to afford it. Because of this, even if they have sovereignty, the choices that the consumers have are limited to the income level that they have and the price variations implemented by the sellers.