Which of the following statements about consumer sovereignty is true?

Question

a. Influence of consumers over government rules regulate the marketplace
b. Conditions where buyers and sellers are willingly engaging in market transactions
c. Consumers' dictate the prices of goods and services
d. Consumers' needs and wants dictate what goods and services producers provide

Answer 1

The correct statement about consumer sovereignty is:

d. Consumers' needs and wants dictate what goods and services producers provide.

Consumer sovereignty refers to the idea that consumer preferences and choices dictate the production of goods and services in a market economy.