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Question
Explain the role of business in consumer protection.
Solution
Business enterprises should do the following towards protecting consumers.
- Avoidance of Price Hike: Business enterprises should desist from hiking the price in the context of an acute shortage of goods.
- Avoidance of Hoarding: Business enterprises should not indulge in hoarding and black marketing to earn maximum profit.
- Guarantees for Good Quality: Business enterprises should not give false warranty for the products.
- Product Information: Business enterprises should disclose correct, complete, and accurate information about the product viz. size, quality, quantity, weight, etc.
- The in advertising: Business enterprises should not convey false, untrue, bogus information relating to the product through the advertisement.
- Money Refund Guarantee: Where the product becomes defective, business enterprises should replace it with a new one or refund the purchase price.
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