question_answer

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

Answer:

Rules and regulations are necessary because:

(i) Consumers are often exploited in the market place.

(ii) Markets do not work in a fair manner.

(iii) Sellers or companies often make false claims which are mistaken by consumers.

(iv) Consumer & constitute a large weaker section, thus they are exploited by powerful business interests.

(v) Weaker sections of the society are at the mercy of the sellers, some are exploited by them as well.