- Question Answer
- Why are rules and regulations required in the marketplace? Illustrate with a few examples
. Why are rules and regulations required in the marketplace? Illustrate with a few examples
Answer: Rules and regulations are required in the marketplace for the protection of the consumer. Individual buyer can be misled by the seller, and in case of any complaint against the shopkeeper, the blame is put on the buyer. The sellers tend to hold no responsibility for the goods once sold. Hence, to protect consumers from such incidents, rules and regulations are required in the marketplace. For example, if a person buys a product and checks the expiry date after paying for the product, the shopkeeper must restore the expired product. If no rules were maintained, then the shopkeeper might refuse to compensate for the product.