"Consumer sovereignty" refers to the:
A)fact that resource prices tend to be high relative to product prices in capitalistic economies.
B)idea that the pursuit of self-interest will prove ultimately to be in the public interest.
C)notion that the decisions of producers and resource suppliers with respect to the kinds and amounts of goods produced must be appropriate to consumer demands.
D)fact that a federal agency exists to protect consumers from harmful and defective products.

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the idea that producers and resource suppliers must respond to consumer demands in their decisions about what goods to produce and how much to produce. It is based on the belief that consumers, through their purchasing decisions, ultimately determine what goods and services are produced in a market economy.

"Consumer Sovereignty" Refers to The