Question

Why are consumer rights important?

Answer 1

Instructions:
We will first examine what are consumer rights and then we will learn why are consumer rights important. Let us learn what are consumer rights with the help of a learning capsule

Solution:
Consumers can be exploited in the marketplace in various forms such as through false information about a product or a service, by buying substandard or duplicate products, overpricing, under-measurement.

Since there is an asymmetry of information in the market, to prevent the exploitation of consumers in the marketplace, consumers are entitled to certain rights such as right to safety, right to information, right to consumer education, etc.

Consumer rights safeguard the well-being and interests of consumers through education, mobilisation and representation.