Question

Why are rules and regulations required for the protection of the consumers in the market place? Explain with examples.

Answer 1

Rules and regulations are required in the market place to protect the consumers against exploitation by the producers, sellers and service providers. They often indulge in unfair trade practices and provide false information about a particular service or product. Most of consumers are unaware about their rights and they are often deceived by the suppliers, So in the interest of the consumer, it is necessary to take action against suppliers and producers.