wiz-icon
MyQuestionIcon
MyQuestionIcon
2
You visited us 2 times! Enjoying our articles? Unlock Full Access!
Question

Why are rules and regulations required in the marketplace? Illustrate with a few examples.

Open in App
Solution

Rules and regulations are required in the marketplace to protect consumers. Sellers often abdicate responsibility for a low-quality product, cheat in weighing out goods, add extra charges over the retail price, and sell adulterated/ defective goods. Hence, rules and regulations are needed to protect the scattered buyers from powerful and fewer producers who monopolise markets. For example, a grocery shop owner might sell expired products, and then blame the customer for not checking the date of expiry before buying the items.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Consumer Courts and Levels
CIVICS
Watch in App
Join BYJU'S Learning Program
CrossIcon