It is often said that "the consumer is always right" This describes the doctrine of?

The doctrine that "the consumer is always right" is known as consumer sovereignty. It means that in a market economy, the consumers have the power to determine which goods and services will be produced based on their preferences and demand. The producers will then compete to provide the products that meet the needs and wants of the consumers. This doctrine places the consumer in a dominant position in the market, and businesses are expected to cater to their needs and desires.