The term consumer sovereignty means that?

Assessment: WAEC SSCE - Commerce - 2015 (Objective) Subject: Commerce

Question 1 Report

The term consumer sovereignty means that?

Answer Details
Consumer sovereignty means that the buyer is the king. It refers to the idea that in a market economy, consumers determine what goods and services are produced by their purchasing decisions. In other words, producers must respond to the wants and needs of consumers in order to succeed in the market. This gives consumers the power to determine what is produced and sold, and producers must compete to provide goods and services that meet consumer demands.
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