1. Provision of standard goods - It is cheaper for manufacturer to provide standardized goods but producing these commodities, consumer freedom is limited since there is no regard for consumer taste and preference.
2. Nature of economic system - A consumer is more sovereign in a free market oriented system where commodities more in line with consumer preferences.
3. Size of consumer income- The larger the consumer's income the greater the sovereignty since he can choose from wide range of goods and services.
4. Power of advertising - Advertising entices the consumer to use the products and also creates new wants.
5. Existence of monopolies - Monopoly often limits consumer sovereignty by providing goods which are highly priced and of low quality.
6. Range of goods available - Different consumers have different tastes and it is difficult for the available range of goods and services in the market to satisfy all their desire and hence the more the range of goods available Intl the market the more sovereign the consumers are.
7. Consumer habit - Consumers have different habits and are often reluctant to change from this habit. This means that the consumer can get attached to particular supplier or product and reluctant to change from it.
Jonmhumble answered the question on October 18, 2017 at 05:56
- List and explain the challenges faced in formulation of literature review(Solved)
Give 5 answers and explain briefly
Date posted: October 17, 2017. Answers (1)
- How has the current state in politics affected the economy of Kenya?(Solved)
How has the current state in politics affected the economy of Kenya?
Date posted: October 17, 2017. Answers (1)
- Outline five characteristics of operations research(Solved)
This question is of a subject of operations research studied by students of bachelor of science in economics
Date posted: October 13, 2017. Answers (1)
- List four types of scientific writing(Solved)
List four types of scientific writing
Date posted: October 12, 2017. Answers (1)
- Highlight advantages and disadvantages of monopolistic competition(Solved)
Highlight advantages and disadvantages of monopolistic competition
Date posted: October 11, 2017. Answers (1)
- What is a short sale?(Solved)
What is a short sale?
Date posted: October 10, 2017. Answers (1)
- Outline the factors that affect price elasticity of demand.(Solved)
Outline the factors that affect price elasticity of demand.
Date posted: October 5, 2017. Answers (1)
- Outline the various types of elasticity of demand giving their determinants.(Solved)
Outline the various types of elasticity of demand giving their determinants.
Date posted: October 5, 2017. Answers (1)
- Define the term 'elasticity of demand'. (Solved)
Define the term 'elasticity of demand'.
Date posted: October 5, 2017. Answers (1)
- State the law of demand.(Solved)
State the law of demand.
Date posted: October 5, 2017. Answers (1)
- Explain the following activities involved in economics; (a) production of goods and services (b) consumption activities (c) exchange activities d) distribution (Solved)
Explain the following activities involved in economics;
a) Production of goods and services
b) consumption activities
c) exchange activities
d) distribution
Date posted: October 5, 2017. Answers (1)
- State the importance of economics. (Solved)
State the importance of economics.
Date posted: October 5, 2017. Answers (1)
- Describe the product life cycle.(Solved)
Describe the product life cycle.
Date posted: October 5, 2017. Answers (1)
- Outline the factors that influence product mix.(Solved)
Outline the factors that influence product mix.
Date posted: October 5, 2017. Answers (1)
- Differentiate between a product line and a product mix.(Solved)
Differentiate between a product line and a product mix.
Date posted: October 5, 2017. Answers (1)
- Explain the four basic elements in marketing.(Solved)
Explain the four basic elements in marketing.
Date posted: October 5, 2017. Answers (1)
- Give the Six steps that are followed in resolving ethical dilemmas in a firm.(Solved)
Give the Six steps followed in resolving ethical dilemmas in a firm.
Date posted: September 28, 2017. Answers (1)
- Outline the primary purpose of an operational audit.(Solved)
Outline the primary purpose of an operational audit.
Date posted: September 28, 2017. Answers (1)
- Analyse road transport in Kenya and outline two key limitations in relation to supply chain performance(Solved)
Analyse road transport in Kenya and outline two key limitations in relation to supply chain performance
Date posted: September 22, 2017. Answers (1)