Question

Consumer sovereignty is feature of which economic system

Answer 1

Consumer sovereignty is the theory that consumer preferences determine the production of goods and services. This means consumers can use their spending power as ‘votes’ for goods. In return, producers will respond to those preferences and produce those goods.

In reality, however, producers do produce goods that consumers do not want or introduce new products like the iPod that the consumers did not know they wanted.

Answer 2

The Concept of Consumer Sovereignty. Consumer sovereignty is the ability and freedom of consumers to decide which goods and services from a wide variety available are right for them and to choose whatever works for them. The idea behind consumer sovereignty is that consumers are the captains of a capitalistsociety.