Question

How can laws ensure that markets work in a manner that is fair?

Answer 1

 Laws can ensure that markets work in a fair manner. The frequently upgraded Minimum Wages Law ensures that workers are not exploited and over-worked by companies that hire them. Also, a law keeping checks on the quality of production makes sure that sub-standard goods do not enter the market.



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Answer 2

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⚫Laws can ensure markets to work in a fair manner in the following ways:-

▶In order to make maximum profits the private companies and individuals made and a worker work there and are not paid their wages.

▶In the eyes of law it is illegal to deny workers their wages.

▶To ensure the workers are not under paid, There is a law of maximum wages. An employee is supposed to be maximum amount as a wage.

▶The law with respect to three parties in the market that is workers, consumers and producers relationship must be implemented properly so as to avoid the exploitation.

▶The laws that protect the interests of producer and consumer must be followed properly.

▶The shopkeepers must sell the product at MRP introduced by producers.

▶Every product sold in the market must go under a quality check and must be marketed for its quality by the government.