Which is true regarding consumer sovereignty? it allows businesses to take advantage of consumers. it can be lost when monopolies are allowed to exist. it is only present when there is perfect competition. it creates competition between buyers and sellers?

Consumer sovereignty creates competition between buyers and sellers. The term is coined by William Harold Hutt in his book Economists and the Public. It is the affirmation that consumer preferences determine the production of goods and services. The consumer is treated as the king the of the market.