Question

The term consumer sovereignty means that Multiple Choice government is responsible for protecting consumers' interests. what is produced is ultimately determined by what consumers buy. there are no limits on what consumers may buy in a market system. producers have strong control over what consumers buy.

Answer 1

The term consumer sovereignty means that what is produced is ultimately determined by what consumers buy.

• The following are some restrictions on consumer sovereignty: Productive powers: In a capitalist society, the consumer's degree of autonomy is constrained by the collectively held productive abilities.
• Technical knowledge level: With the current level of technology, any things created must satisfy the consumer.
• When businesses invite consumers to test products or hear pitches for new ideas, this is an example of consumer sovereignty in action.
• It grants consumers control over the decision-making process before goods are produced.

What does consumer sovereignty mean?

• consumer autonomy. the ability of customers to control production. variable market.
• a transaction in which businesses buy home inputs for production.

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