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

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Why are rules and regulations required in the marketplace? Illustrate with a few examples.
(W)
Key concept: Significance of Rules and Regulation in Market place Rules and Regulations are required in the marketplace for the protection of the consumer. Indivisual 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 ance sold. Hence to protect consomers from sueto incidents, rules and regulations are required in the marketplace. For ex. if a person buys a product and cheeks the expiry date after paying for the product, the shopkeeper cannot dent changing the expired product. If no rules were maintained then the shopkeeper might refuse to change the product.
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