The assumption that consumers have power over producers through the decisions they make in purchasing goods and services is known as:

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the idea that consumers ultimately determine what products and services are produced through the choices they make in the marketplace. It is a fundamental principle of capitalist economies and assumes that producers will respond to consumer demand in order to maximize profits.

The Assumption That Consumers Have Power Over Producers Through the Decisions