Question

How does exploitation of consumers take place in the market explain with any five facts

Answer 1

The consumers are exploited in the market in four ways they are:
limited information: for a correct decision and choice about a product, a consumer needs full information about the price, quality, durability, composition, etc...., of the product. in the absence of full and correct information, a consumer may get exploited.
limited supplies: when the supply of goods is less than their demand, the price may go high and may also encourage the tendency of hoarding. as a consequence, consumers will get exploited.
limited competition: when there is limited competition with regard to production, i.e., when producers are few and can control and restrict the supply of a product there is possibility of manipulation in prices.
low literacy: illiteracy cause ignorance which leads to exploitation of consumers. the level of awareness in our country is generaly low.