Concept:Consumer sovereignty places the consumer in control of the market through the spending choices they make.
Explanation:Producers aim to make profit, so they only supply what consumers wish to buy.
When consumers increase demand for a commodity, producers increase its output.
When consumers reject a commodity, its demand falls and producers stop producing it.
Thus, the entire demand pattern in the market rests on consumer choices.
Scale of preference is only an individual ranking of wants and does not determine whole market patterns.
Price shows how the quantity demanded of one good changes, but it does not set the overall market demand pattern.
Consumer rationality is merely an assumption about buyer behaviour, not the basis of market demand patterns.
Answer:B. Consumer sovereignty.