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 purchase.
C) there are no limits on what consumers may buy under capitalism.
D) businesses produce with tax minimization as their primary goal.

Question

Quizplus · Accepted Answer

Consumer sovereignty is the theory that consumers determine what products are produced by making purchasing decisions in the marketplace. Producers then respond to these choices by producing more of what sells well and less of what does not. Therefore, what is produced is ultimately determined by what consumers purchase.

The Term "Consumer Sovereignty" Means That