Question 1
Why are rules and regulations required in the marketplace? Illustrate with a few examples.
Rules and regulations are required for the protection of the consumer. Individual buyers can be misled by sellers (e.g., denying responsibility for defective goods).
Examples of Exploitation:
- Weighing less than what the consumer pays for.
- Selling adulterated or defective goods.
- Adding extra charges that were not mentioned before.
- Sellers refusing to exchange defective products (e.g., a shopkeeper denying to replace a dented tin box).