Question

Why is protection required in the market place?

Answer 1

Initially, it was stated that the consumer is the greatest judge of his own interests and should be allowed to pick what he wants. However, it has become clear over time that a consumer is on far weaker footing than a vendor. A seller can always manipulate the market conditions to his advantage. As a result, market protection is extremely important because:

1. To ensure that manufacturers and dealers do not use unfair commercial practices.
2. Promote and guarantee the efficient enforcement of consumer protection laws.
3. Monitor anti-social actions such as hoarding and black marketing. Thus, rules and regulations are desperately needed in the marketplace.