In one to two sentences, define open opportunity, consumer sovereignty, and voluntary exchange, and explain how they contribute to the availability of different goods in the marketplace in the U.S. free enterprise system.

Answer 1

Open opportunity refers to the idea that anyone can enter the market and compete freely, leading to a diverse range of goods. Consumer sovereignty refers to the power consumers have to determine which goods are produced, which encourages competition and variety. Voluntary exchange allows individuals to freely trade goods and services, leading to a wide array of products being available in the marketplace in the U.S. free enterprise system.

Answer 2

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