why are rules and regulation required in the Marketplace illustrate with a few examples
Answers
Answer:
Explanation:
Rules and regulations are required in the market place to protect the consumer from unfair trade practices and exploitation by the seller. Seller often sell adulterated, defective, expired goods and every time it's the consumer who has to suffer due to sellers malpractices.
EXAMPLES:
1. Sellers sell expired medicines which is injurious to the consumers health.
2. Adulteration of milk by adding water, black pepper by adding papaya seeds etc,.
HENCE RULES AND REGULATIONS ARE REQUIRED TO PROTECT THE CONSUMERS FOR SUCH MALPRACTICE...
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Answer:
Rules and regulations are required in the marketplace to protect consumers against exploitation by sellers and service provider. Especially when large companies are producing these goods and these companies with huge wealth, power and reach can manipulate the market in various ways. Sellers often abdicate responsibility for a low-quality product, cheat in weighing out goods, add extra charges over the retail price, sell adulterated/ defective goods and also provide false information about a product or service. Markets do not work in a fair manner when producers are few and powerful whereas consumers purchase in small amounts and are scattered. Hence, rules and regulations are needed to protect the scattered buyers from powerful and fewer producers who monopolise markets. For example, a grocery shop owner might sell expired products and then blame the customer for not checking the date of expiry before buying the items.