Question

what is consumer exploitation what are various ways in which consumer can be exploited

Answer 1

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.

The various ways in which consumer can be exploited are as the followings:-

• 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.

Answer 2

Charging excess prices

Low quality products

Damaged products

Adulteration