Choose the given statement is true/false:

Rules and regulations are required for the protection of consumers in the marketplace.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
Rules and regulations are an essential part of the protection of consumers. Consumers are generally exploited by sellers and manufacturers by various malpractices. Some of the malpractices are sellers selling products at higher prices, adulteration in food products, and sub-standard products in which the quality is far below the required standard, indulging in unfair trade practices by weighing the product less than required, or creating artificial scarcity through hoarding and black marketing. Powerful and when the producers are few, they can easily propel the markets and the recurring actions of inflation in prices or any other malfunction.

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