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

Nehemiah Bailey

12 February, 16:00

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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Thomas Vargas · Answer 1

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.

Krista Mcconnell · Answer 2

Krista Mcconnell 12 February, 19:15

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The correct answer is B