Question

Why are rules and regulations required in the market-place? Explain

Answer 1

Following are the reasons why rules and regulations are required in the market place:
i) Goods sold in the market are sometimes not properly measured or correctly weighed.
ii) Many a times, some traders charge a price higher than the prescribed retail price. Consumers often do not take cash memos for their purchase.
iii) Selling goods of substandard quality is also done. Medicines are sold even after their date of expiry, deficient and defective home appliances are sold by duping the customer. This may result in serious injuries or health problems for consumers.
iv) Fake or duplicate goods are often sold in the name of genuine parts or goods.