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Why are rules and regulations required in the marketplace? Illustrate with a few examples. - Social Science

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प्रश्न

Why are rules and regulations required in the marketplace? Illustrate with a few examples.

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उत्तर

Rules and regulations are required in the marketplace to protect consumers. Sellers often abdicate responsibility for a low-quality product, cheat in weighing out goods, add extra charges over the retail price, and sell adulterated/ defective goods. Hence, rules and regulations are needed to protect the scattered buyers from powerful and fewer producers who monopolise markets. For example, a grocery shop owner might sell expired products and then blame the customer for not checking the date of expiry before buying the items.

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Role of Government in Consumer Protection
  या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
पाठ 5: Consumer Rights - Exercises [पृष्ठ ८७]

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