“Rules and Regulations are required for the protection of the consumers in the market place.” Justify the statement with arguments.
The Rules and regulations are required for the protection of the consumers in the market for the following reasons
(i) To check adulterations At times greedy traders try to play with the health of consumers by indulging in adulteration of edible oils, milk, butter, ghee etc.
(ii) To check powerful producer Markets do not work in a fair manner if there is monopoly of few and powerful producers and when purchase of consumer is small and they have no single voice. So there is need of rules and regulations in the market.
(iii) False information Most of the time the false information is passed to consumers through media and other sources to attract the consumers.