The term consumer sovereignty means that
A) government is responsible for protecting consumers' interests.
B) what is produced is ultimately determined by what consumers buy.
C) there are no limits on what consumers may buy in a market system.
D) producers have strong control over what consumers buy.

Question

Quizplus · Accepted Answer

Consumer sovereignty is the principle of the market economy that consumers ultimately determine what is produced. In other words, businesses respond to consumer demand by producing goods and services that consumers are willing to purchase. This gives consumers significant control over the market and the economy. However, this does not mean there are no limitations on what consumers may buy or that producers have no influence over consumer preferences.

The Term Consumer Sovereignty Means That