Why are the rules and regulations required for the protection of consumers in the marketplace?

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To protect the consumers from exploitation

Producers are few and powerful

Both 1) and 2)

None of the above

answer is A.

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Detailed Solution

Because the protection of consumer rules and regulations is essential.
Also, because the producers are very powerful and few that will help them to exploit the marketplaces easily. They can propel the markets and the recurring actions of inflation in prices or any other malfunction. 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.

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