How does self-regulation by business persons help in consumer protection?

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Solution

The business community, itself can ensure consumer protection through self-regulation. If businessmen adopt ethical and socially desirable decisions and actions, there will be no exploitation of consumers. Trade associations and Chambers of Commerce should prescribe and enforce code of construct among their member businessmen for this purpose.

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Similar questions

Self-regulation by a business act as a means of consumer protection. State true or false.

___ helps a business decide to follow ethical standards and consumer protection law at the production stage itself.

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