The term consumer sovereignty means that:
A)consumers are controlled by the actions of the marketplace.
B)what is produced is ultimately determined by what consumers buy.
C)there are no limits on what consumers may buy under capitalism.
D)businesses produce with consumer satisfaction as their primary goal.

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the idea that what is produced in a market economy is ultimately determined by what consumers want and are willing to buy. This means that businesses must produce goods and services that meet consumer demand in order to stay competitive and profitable. While consumer sovereignty does give consumers a lot of power and influence in the marketplace, it doesn't mean that they have unlimited purchasing power or that businesses only care about consumer satisfaction.

The Term Consumer Sovereignty Means That