"Consumer sovereignty" means that Group of answer choices1. buyers can dictate the prices at which goods and services will be offered.2. advertising is ineffective because consumers already know what they want.3. buyers control the quality of goods and services through regulatory agencies.4. buyers determine what will be produced based on their "dollar votes" for the goods and services offered by sellers.
2. advertising is ineffective because consumers already know what they want.
Explanation:
Consumer sovereignty is the idea that it is consumers who influence production decisions because they decide what to buy by checking to see that their expectations are meet. Production of goods is designed towards meeting the needs of the consumers. The consumers select what they want to buy by the checking if the good fulfills their needs and wants.
