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Why are rules and regulations required in the marketplace? Illustrate with a few examples. - Social Science

Answer in Brief

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

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Solution

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.

Concept: Role of Government in Consumer Protection
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