Why are rules and regulations required in the marketplace? Illustrate with a few examples.
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Ans: Rules and regulations are required in the marketplace to safeguard the consumers from exploitation by sellers and unfair trade practices. Sellers sometimes abdicate responsibility for a poor-quality product. They charge more than the retail price, cheat in weighing items, and sell adulterated or defective goods. As a result, rules and regulations are needed to protect scattered buyers from powerful and fewer producers who monopolise markets. For example, a grocery shop owner might sell expired products and then blame the consumers for not verifying the expiry dates before purchasing the items.