What is consumer sovereignty? a. it is the right of consumers to lodge complaints against fraud and misconduct b. it is the control excercised by consumer's preferences on the production of goods c. it is the ability of a producer to respond to consumer's needs and preferences d. it is the recall of consumer products deemed unfit for consumption

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Business

Veronica Jefferson

2 November, 19:23

What is consumer sovereignty? a. it is the right of consumers to lodge complaints against fraud and misconduct b. it is the control excercised by consumer's preferences on the production of goods c. it is the ability of a producer to respond to consumer's needs and preferences d. it is the recall of consumer products deemed unfit for consumption

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Jacoby Henson · Answer 1

Jacoby Henson 2 November, 20:27

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The correct answer is B

Jonathan Massey · Answer 2

What is consumer sovereignty?

The correct answer is

b. it is the control excercised by consumer's preferences on the production of goods

Consumer sovereignty is the power of consumers to determine what goods and services are produced. The theory suggests that consumers, not producers, are the best judge of what products benefit them the most. Due to the fact that consumer markets depend so heavily on demand, producers must monitor the needs of these individuals if they want their products to have any chance at success.