Question

Consumer's Sovereignty' is a characteristic of

(A) capitalist economy

(B) socialist economy

(C) mixed economy

(D) None of the above​

Answer 1

Answer:

option (c) is right one...

Mixed economy

Answer 2

Consumer Sovereignty is a characteristic of capitalist economy.Hence,the answer would be option (A) in this instance.

Explanation:

• In Microeconomics,consumer sovereignty basically refers to the market situation in which the consumers or buyers are absolutely free to choose their respective demands and wants without any external intervention or compulsion.The sellers or the producers in the market produce and provide various goods and service in accordance the free will of the consumers or buyers.
• The most appropriate economic system under which consumer sovereignty can effectively operate is under the capitalist or free market where the commercial markets and both the consumption and production of all the goods and services are completely free of any government intervention or control.
• Hence,the consumers or buyers under the capitalist or free market system can freely or autonomously decide on their consumption or purchase needs in the market based on their respective purchasing or consumption power or capacity without any external influence or market intervention.