Final answer:
The phrase "The Consumer is King" reflects the principle of economic sovereignty, relating to consumers' overriding influence on market dynamics through their purchasing decisions.
Step-by-step explanation:
The phrase "The Consumer is King" signifies the principle of economic sovereignty in a free market. This concept alludes to the power and influence that consumers have over the market through their purchasing decisions. Consumers making choices in a supermarket represent the broader idea that in a free market, individuals are given the economic freedom to pursue their interests through voluntary exchange under the rule of law. Choices reflect consumer sovereignty, where demand dictates what products are produced and available in the market. Moreover, economic efficiency is associated with ensuring resources are not wasted, and aligns with the ethos that the market, driven by supply and demand, should work without government interference to determine prices and produce the optimal amount of goods and services.