ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced, and the idea that the consumer is the best judge of their own welfare.

Detailed explanation-2: -An example of consumer sovereignty is when companies bring in consumers to test products or listen to pitches for new ideas. It gives the consumer power in the decision making process before products go into production.

Detailed explanation-3: -Consumer sovereignty is an important part of our economy and society because it ensures that consumers are able to make their own choices. This allows for a free market where goods can be sold at prices determined by supply and demand. Consumer sovereignty also: Helps maintain social stability and encourages innovation.

Detailed explanation-4: -Answer and Explanation: The statement, “Consumer sovereignty is the power of governments to decide what gets produced, ” is False.