Question

What is consumer sovereignty? A. It is the right of consumers to lodge complaints against fraud and misconduct. B. It is the control exercised by consumers’ preferences on the production of goods. C. It is the ability of a producer to respond to consumers’ needs and preferences. D. It is the recall of consumer products deemed unfit for consumption.

Answer 1

The situation in an economy where the desires and needs of consumers control the output of producers.

So it's C. If I'm wrong, please tell me. Thank you, hope this helped :D

Answer 2

B. It is the ability of a producer to respond to consumers is the correct answer.

Step-by-step explanation:

Consumer Sovereignty is the concept that the consumers have the power to influence production decision by the services and goods they purchase. The consumer preference affects the firms and the firms cautiously decide what to produce. If the consumers starts preferring certain services and products, the demand for that product also increases. Consumer demands are central in the consumer markets hence the firms looks at the consumer demands to stay in business.