Choose if the given statement is true/false.

There are many rules and regulations regarding consumer protection and they are always followed.

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True

False

answer is B.

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Detailed Solution

The statement is false.
Though there are many rules and regulations for consumer protection, the rules are not always followed. Many consumers are not aware of such rights. There are various conditions in which markets don’t work fairly. When producers are few and powerful, they can easily drive the market and other decisions. They can easily manipulate consumers by passing false information through advertisements and creating corruption. The second condition can be the scattered consumers who don’t create a demand for any particular product and can’t stick to any one product. They can influence people easily through flashy advertisements and other strategies. When there is a large monopoly of big companies, they can easily manipulate the market in various ways through their wealth. These conditions lead to the rules and regulations not being followed clearly.
So, There are many rules and regulations regarding consumer protection but they are not always followed.

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