Which of the following statements about consumer sovereignty is true?(1 point)

Question

Responses

Influence of consumers over government rules regulate the marketplace.
Influence of consumers over government rules regulate the marketplace.

Consumers dictate the prices of goods and services.
Consumers dictate the prices of goods and services.

Consumers’ needs and wants dictate what goods and services producers provide.
Consumers’ needs and wants dictate what goods and services producers provide.

Conditions where buyers and sellers are willingly engaging in market transactions.
Conditions where buyers and sellers are willingly engaging in market transactions.

Answer 1

The true statement about consumer sovereignty is:

Consumers’ needs and wants dictate what goods and services producers provide.

Consumer sovereignty refers to the idea that consumers have the power to influence what products are produced based on their preferences and choices.