Question

Mention any two ways in which consumers are exploited in the market.

Answer 1

Here r the ways in which consumers can be exploited in the market

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Answer 2

i) When a consumer is cheated in any way, either by the shopkeeper or the producer, by giving him poor quality or adulterated goods or by charging more price for a commodity or a service, it is called consumer’s exploitation.
(ii) People may be exploited in the market in the following ways :–
1. Under weighing. Many dishonest shopkeepers weigh less than that they should.
2. Adulteration. At times adulterated or defective goods are sold in the market.
3. Additional charges. Sometimes traders add charges that were not mentioned before.
4. False and incomplete information. To sell more products, generally false information is passed on through media and other sources to attract consumers.
5. Artificial scarcity. Traders sometimes tend to create artificial scarcity of a particular good by hoarding it to increase the price and earn high profit.