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in Economics by (48.4k points)

Why are rules and regulations required in the market place? Explain.

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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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