"Consumer sovereignty" means that
A) buyers can dictate the prices at which goods and services will be offered.
B) advertising is ineffective because consumers already know what they want.
C) buyers control the quality of goods and services through regulatory agencies.
D) buyers determine what will be produced based on their "dollar votes" for the goods and services offered by sellers.

Question

Quizplus · Accepted Answer

Consumer sovereignty means that buyers have the power to determine what will be produced based on their demand for certain goods and services. This is often referred to as "dollar votes" - consumers "vote" for the products they want to see more of by purchasing them, which signals to producers which products are in demand and should be produced more. This ultimately gives buyers control over the market through their purchasing decisions.

"Consumer Sovereignty" Means That