Question

Explain the circumstances under which markets do not work in a fair manner.

Answer 1

Markets do not work in a fair manner when producers are few and powerful, whereas consumers purchase in small amounts and are scattered. 1. This is because large companies can easily manipulate the market with their huge wealth and power. 2. They can sell substandard goods. 3. They can also pass false information regarding their products in order to lure the consumers.

Answer 2

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