Consumer sovereignty encompasses which of the following definitions?

Question

Quizplus · Accepted Answer

Consumer sovereignty refers to the power of the consumers to dictate the type, quality, and quantity of goods that producers provide. It means that producers are responsive to the demands of consumers and provide goods and services based on their preferences. This definition encompasses the idea that consumers have more power than producers and that producers need to be aware of and support consumer sovereignty for their own benefit. Additionally, consumer sovereignty is not limited to economic values but extends to all kinds of goods and services. Therefore, option E is the best choice.

Consumer Sovereignty Encompasses Which of the Following Definitions