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

Rules and regulations are required in the market place to protect the consumers from unfair trade practices and exploitation by the sellers. Sellers often sell adulterated, defective, expired goods and every time it’s the consumer who has to suffer due to sellers malpractices. Examples:

● Sellers sell expired medicines which is injurious to the consumer’s health.

● Adulteration of milk by adding water, black pepper by adding papaya seeds etc.,

Hence rules and regulations are required to protect the consumers from such malpractices.