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Question
Consumer is regarded as a ____________ in a market economy.
Consumer is regarded as a ____________ in a market economy.
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Solution
The correct option is A sovereign
Consumer is regarded as a sovereign in a market economy since it is believed that the supreme power to control market lies in the hands of the consumers. Consumer is the king pin of the market.In a market economy,
prices of the commodities in the market are affected by the forces of demand and
supply which depends upon the purchasing power of the consumer that generates open competition in the market. Therefore, consumers are known as sovereign in the market.
Consumer is regarded as a sovereign in a market economy since it is believed that the supreme power to control market lies in the hands of the consumers. Consumer is the king pin of the market.In a market economy, prices of the commodities in the market are affected by the forces of demand and supply which depends upon the purchasing power of the consumer that generates open competition in the market. Therefore, consumers are known as sovereign in the market.
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