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What is Consumer Sovereignty
It is very interesting to note that the consumers are the ones who are the deciding authority in the case of a free market scenario. They are the ones who are responsible for the fixing up of the prices and so on. This way the consumers are the sovereign power in this market scenario.
What Are the Various Aspects Of Market That Are In The Hands Of The Consumers?
A) They are the ones who are responsible for determining which the good is that stays in the market and which does not. This is possible due to the fact that though the product is in production, if the consumers decide not to buy it, then the product will not exist in the market beyond that point.
B) They are the ones who are responsible for the determination of the fact that how long a product can stay in the market and when it is the right time for it to exit the market.
C) Decide what happens to whom. Though consumers do not make these decisions directly, they all happen indirectly.
For example, if a man wants to send his son to a great university with the money out of his business, then it all depends on his consumers.
if all works well for him and the customers are happy, they buy more from him sending his son to the school he wanted to. This would not hold good if the business is not functioning properly.
Economics Assignment Help
Consumers being used: It is very common to see how the consumers are being used as pawns by the businessmen in order to sell their product. In case the consumers are fooled into getting their product, then the customers are at loss.
This is why the customers need to be alert and aware of things in order to make or break the product's livelihood in the market.
An example of this scenario is when there are huge advertisements that tell you that there is a product in the market being sold by a certain person and they are very cheap. Everyone in the market comes to know about it and rushes to buy it as it is very cheap also.
But what has actually happened is that they have been cheated into buying the product. This is also happening in the market scenario. But the person continues to sell the product as there are new people who come to know about it every day. This way they can become laws in certain cases.