The term "consumer sovereignty" means a

Marketing Dec 24, 2020

The term "consumer sovereignty" means

a. there are many independently acting consumers in society.

b. firms' choices are constrained by the government through consumer voting blocs.

c. consumer choices ultimately determine which goods and services are produced.

d. consumers have freedom of choice.

Expert Solution

Option c. (consumer choices ultimately determine which goods and services are produced) is correct.

It is a correct option because the phrase "consumer sovereignty" depicts the importance of consumers in the market. It implies the type of products produce in the economy is based on the choices and preferences of the consumers. As consumers only purchases those products that they desire so the firms producing products other than those product will go out of business.

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