Question

Why are rules and regulations required in the marketplace? Illustrate with a few example.

Answer 1

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Answer 2

In the marketplace, rules and regulations are required to protect the rights of the consumers against the exploitation of the retailers. In the marketplace, individual buyers finds themselves in a weak position, therefore, to comfort consumers in the market place, the government has to enact some rules and regulations. For instance, whenever there is an analysis regarding the quality of good or service that had been bought, the shopkeeper tries to substitute all the charge on to the consumer.