question_answer

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

Answer:

                  Rules and regulations are required in the marketplace to protect consumers against exploitation by the producers, sellers and service providers. They often indulge in unfair trade practices and also provide false information about a product or service. Most consumers are unaware of their rights and thus are often deceived by suppliers. It is in the interest of consumers to have rules and regulations to take necessary action against such unscrupulous people.