Question

What are different ways consumer may be exploited in the market? Mention important points ​

Answer 1

Explanation:

Consumer exploitation refers to the act of taking advantage of buyers. This occurs because of limited information about the product, such as guarantees and terms of purchase. ... Consumer rights laws protect people who buy goods and services.

Answer 2

Answer:

Consumer exploitation refers to the act of taking advantage of buyers. This occurs because of limited information about the product, such as guarantees and terms of purchase. Illiterate consumers are especially vulnerable; consequently, they are likely to be cheated into paying more and even purchasing a counterfeit product. When few manufacturers produce an item, competition is limited, leading producers to determine the price and availability of the product and thereby exploiting the buyer. Limited supplies of a product lead to hoarding and a subsequent boost in prices.