Question

Why rules and regulations needed in the market place? Explain with examples​

Answer 1

Answer:

$\underline{\huge{Answer:-}}$

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 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.

Answer 2

Answer:

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

Explanation:

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.