Problem
It is sometimes said that "consumer sovereignty" is a corollary of democracy. What does consumer sovereignty mean? How is it achieved in perfect markets? Given Arrow's Paradox, can consumer sovereignty be achieved through balloting? If not which mech-anism better serves people's demand, markets or ballots?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.