5 of 315 of 31 Items
Question
Which of the following statements about consumer sovereignty is true?(1 point)
Responses
Consumers’ needs and wants dictate what goods and services producers provide.
Consumers’ needs and wants dictate what goods and services producers provide.
Consumers dictate the prices of goods and services.
Consumers dictate the prices of goods and services.
Conditions where buyers and sellers are willingly engaging in market transactions.
Conditions where buyers and sellers are willingly engaging in market transactions.
Influence of consumers over government rules regulate the marketplace.
1 answer
The statement that is true about consumer sovereignty is:
Consumers’ needs and wants dictate what goods and services producers provide.
Consumer sovereignty refers to the concept that consumers have the ultimate power in determining what goods and services are produced based on their preferences and purchasing choices.
