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Answer» Rules and regulations are required for the protection of consumers in the market place due to the following reasons: - Sometimes, traders indulge in unfair trade practices such as underweight, undermeasurement, adulteration, hoarding etc.
- Most of the consumers are unaware of their rights and they are often deceived by the suppliers.
- Whenever a complaint regarding goods or services is made, the seller tries to shift all the responsibility on the buyer.
- Sometimes, the sellers make false claims about the durability and quality of their products through advertisements, catchy slogans and jingles.
- Sometimes, the sellers create artificial scarcity through hoarding and black marketing to sell the goods at higher prices.
- Sometimes, the sellers indulge in adulteration of goods and provide poor quality goods in order to achieve the goals of profit and growth.
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