J.K. Galbraith in 1968 created the term the dependence effect. Explain the meaning of this term and how it differs from the economist's traditional faith in consumer sovereignty. Outline the relevance of the dependence effect to the experience of consumers in 2021.

Marking:

Explanation of dependence effect (7 marks)

Explanation of consumer sovereignty (7 marks)

Relevance of the dependence effect on consumers in 2021(7 marks)

Adequate referencing (more than one source additional to the Conversation article): 4 marks

Article: https://economics.uq.edu.au/article/2021/08/bhp-offloading-oil-and-gas-assets Please dont copy paste information, answer the questions so that I can get an understanding of how I can best answer this question which will allow me to get the full marks