why rule and regulation required in market place? illustrate with example
Answers
Answer:
Explanation:
In the marketplace, rules and regulations are required to protect the rights of the consumers against the exploitation of the retailers. ... 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.
Rules and regulations are required in the marketplace to protect consumers. Sellers often abdicate responsibility for a low-quality product, cheat in weighing out goods, add extra charges over the retail price, and sell adulterated/ defective goods.
Hence, rules and regulations are needed to protect the scattered buyers from powerful and fewer producers who monopolies 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.
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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.