The notion that buyers determine what will be produced by choosing what they purchase is called consumer sovereignty.

Name: The notion that buyers determine what will be produced by choosing what they purchase is called consumer sovereignty.
Brand: Quizplus
Rating: 4.9 (31 reviews)

Question

Quizplus · Accepted Answer

Consumer sovereignty is the economic theory that consumers' preferences and choices dictate the production of goods and services, meaning that producers cater to the desires of consumers to stay competitive in the market.

The Notion That Buyers Determine What Will Be Produced by Choosing