Question : Consumer sovereignty means:
Option 1: consumer are free to spend their income as they like
Option 2: consumer has the power to manage the economy
Option 3: Expenditures of consumers influence the allocation of resources
Option 4: Consumer goods are free from government control
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Correct Answer: consumer are free to spend their income as they like
Solution : The correct answer is consumers are free to spend their income as they like .
Consumer sovereignty is an economic idea that emphasises consumers' ability to select what products and services are manufactured and how resources are distributed in a market economy. It is based on the notion that customers can choose what they wish to buy and that their preferences and purchasing decisions dictate enterprises' production decisions.
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