Question

“Rules and regulations are required for the protection of consumers in the market place.” Justify the statement with arguments.

Answer 1

Rules and regulations are required for the protection of consumers in the market place due to the following reasons:

• Sometimes, traders indulge in unfair trade practices such as underweight, undermeasurement, adulteration, hoarding etc.
• Most of the consumers are unaware of their rights and they are often deceived by the suppliers.
• Whenever a complaint regarding goods or services is made, the seller tries to shift all the responsibility on the buyer.
• Sometimes, the sellers make false claims about the durability and quality of their products through advertisements, catchy slogans and jingles.
• Sometimes, the sellers create artificial scarcity through hoarding and ***** marketing to sell the goods at higher prices.
• Sometimes, the sellers indulge in adulteration of goods and provide poor quality goods in order to achieve the goals of profit and growth.