Question

Consumer sovereignty refers to the: A. fact that resource prices are higher than product prices in capitalistic economies. B. idea that the decisions of producers must ultimately conform to consumer demands.. C. idea that the pursuit of self-interest is in the public interest. D. fact that a Federal agency exists to protect consumers from harmful and defective products.

Answer 1

Answer:

. B.) idea that the decisions of producers must ultimately conform to consumer demands.

Explanation:

Consumer sovereignty can be regarded as a theory which explained that the production of goods and services is been determined by consumer preferences. This implies that spending power of Consumers can be used as a Voters as far as goods are concerned, and the producer must give a response to the

preferences then make produce of those goods. It should be noted that Consumer sovereignty refers to the idea that the decisions of producers must ultimately conform to consumer demands.