Question

Fators causing exploitation of consumers images​

Answer 1

Answer:

Reasons or factors causing exploitation of consumers are: (1) Limited information (2) Limited supplies (3) Limited competition (4) Low literacy (5) Lack of bargaining power (6) Irregular prices offered (7) Misleading advertisements (8) Lack of unity and (9) Cumbersome and time taking legal proceedings.

Answer 2

Answer:

1. Limited information : In the absence of information about different aspects of the products namely price, quality, composition, condition of use etc., the consumers are liable to make a wrong choice and loss money.

2. Wrong information : In the absence of full and correct information a consumer may get exploited.

3. Shortage of supply: Due to under development of industry there is a shortage of supply. This gives rise to hoarding and price rise.

4. Limited competition: Due to under development of industry there is a lack of competition in the market. This may lead to exploitation of the consumers.

5. Illiteracy and ignorance of the consumers: In most of the developing and under developed economies illiteracy rate is very high consumers can be easily cheated by the producer.

Explanation:

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