'Walkmans' that played audio cassettes were withdrawn from the market by Sony Corporations soon after MP3 players became popular among consumers.Which of the following factors is most likey to have led to this outcome?
A)Scarcity
B)Corporate governance
C)Consumer sovereignty
D)Corporate social responsibility
E)Tragedy of Commons

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the principle that consumer preferences determine the production and distribution of goods and services. In this case, MP3 players became more popular among consumers, indicating a shift in preferences from audio cassettes to digital music. As a result, Sony withdrew the Walkman from the market in response to the changing demand.

'Walkmans' That Played Audio Cassettes Were Withdrawn from the Market