In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers?

Marketing Dec 24, 2020

Expert Solution

It is indeed true that consumers command the market. It is because entrepreneurs and businesses, although they have a free choice to produce anything, produce goods and services that can fulfil the need of consumers. Producers have limited authority in exercising their decisions related to price. It is because consumers would buy goods and services, only if they are affordable. Thus, producers act according to consumers to maximize their profit.

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