Why are rules and regulations required in the marketplace? Illustrate with few examples.

Q.1:- Why are rules and regulations required in the marketplace? Illustrate with few examples.

 

Answer:-

Rules and regulations are required in the marketplace to protect the consumers against exploitation by the producers, sellers and service providers. They often indulge in unfair trade practices and provide false information about a particular service or product. Most of consumers are unaware about their rights and they are often deceived by the suppliers. So in the interest of the consumer, it is necessary to take action against suppliers and producers.