Asked by Clarise Gindap on Jul 05, 2024
Verified
"Consumer sovereignty" refers to the
A) fact that resource prices are higher than product prices in capitalistic economies.
B) idea that the pursuit of self-interest is in the public interest.
C) idea that the decisions of producers must ultimately conform to consumer demands.
D) fact that a federal agency exists to protect consumers from harmful and defective products.
Consumer Sovereignty
The idea that what consumers want influences the goods and services produced in an economy.
Conform To Consumer Demands
Adjusting product offerings, services, or business practices to meet the expectations and preferences of consumers.
- Understand the principle of consumer sovereignty and its impact on the manufacturing of products and services.
Verified Answer
RS
Rabel ShadmaniJul 09, 2024
Final Answer :
C
Explanation :
Consumer sovereignty is the idea that in a capitalist system, consumer preferences and choices ultimately determine what goods and services are produced, as producers will only continue to create products that are profitable and desired by consumers. This means that producers must respond to and meet the demands of consumers in order to remain successful.
Learning Objectives
- Understand the principle of consumer sovereignty and its impact on the manufacturing of products and services.