Question

what are reasons of being consumer protection necessary in life​

Answer 1

Hello..

For them to maximise profits, some businesses exploit consumers by supplying poor quality goods at higher prices. They adopt unfair trade practices such as adulteration, boarding, black-marketing,and more.As a result consumers do not get value for their money. Consumer protection is important because consumers in any modern market economy often experience information asymmetry and a significant imbalance of bargaining power as compared to producers and sellers of products and services.

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