What is consumer sovereignty?
The correct answer is
b. it is the control excercised by consumer's preferences on the production of goods
Consumer sovereignty is the power of consumers to determine what goods and services are produced. The theory suggests that consumers, not producers, are the best judge of what products benefit them the most. Due to the fact that consumer markets depend so heavily on demand, producers must monitor the needs of these individuals if they want their products to have any chance at success.
