Demand patterns are determined by the market on the basis of

A. scale of preference
B. consumer sovereignty
C. consumer rationality
D. price of the commodity

Correct Answer:

Option B – consumer sovereignty

Explanation

Demand patterns are predictions on how consumers react to different products and services in the market. One of the major tools that affect demand patterns is consumer sovereignty. In consumer sovereignty, it is believed that the desires and needs of consumers control the output of producers.