Choose the given statement is True/False:

Consumer awareness is important to avoid exploitation.

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True

False

answer is A.

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Detailed Solution

Yes, Consumer awareness is important to avoid exploitation.
Markets do not work ethically. Traders and sellers exploit consumers in the marketplace when the consumers are unaware of their rights and duties. There are many ways that sellers use to fool consumers in the market. Some of these practices are under measurement of goods, poor quality goods, charging prices higher than the MRP, spreading false information, Adulteration, and mixing impure substances. Consumers can protect themselves from such unfair practices only if they are aware. Consumers should know about their duties, checking prices and quality marks like ISI or AGMARK. They should know that they can ask for compensation.

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