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Factors which cause the exploitation of the consumer :
  • a)
    Limited and wrong information
  • b)
    Illiteracy and ignorance of the consumer
  • c)
    Few sellers and limited competition
  • d)
    All the above
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Factors which cause the exploitation of the consumer :a)Limited and wr...
The following are the reasons for consumer exploitation:

1. Illiteracy and Ignorance of the Consumer:
The majority of the population have less knowledge about the quality of a good and they are ignorant about it. Due to these weaknesses they are be-fooled.

2. Fatalism of Consumer:
Many consumers never analyze the quality of the good and the price. They feel whatever they get is a gift of god and at the best price.  

3. Compromising Attitude:
Many consumers easily let go complaints and issues. They don’t complain about it rather compromise with what they have.

4. Unrecorded Sales:
Many producers don’t give receipt or cash memo of what a consumer buys. Hence no case can be lodged against them. Consequently we are cheated and no one can save us.
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Most Upvoted Answer
Factors which cause the exploitation of the consumer :a)Limited and wr...
Factors which cause the exploitation of the consumer:

Limited and wrong information:
- One of the key factors contributing to consumer exploitation is limited and wrong information available to consumers.
- In many cases, consumers are not provided with accurate and complete information about the products or services they are purchasing.
- This lack of information leaves consumers vulnerable to exploitation, as they may not be aware of the true quality, price, or safety of the products they are buying.
- It also prevents consumers from making informed choices and comparing different options in the market.

Illiteracy and ignorance of the consumer:
- Illiteracy and ignorance among consumers also contribute to their exploitation.
- Consumers who are illiterate or lack basic knowledge about their rights and responsibilities as consumers are more likely to be taken advantage of by unscrupulous sellers.
- They may not understand their rights to fair pricing, quality products, or safe working conditions.
- This lack of awareness makes it easier for sellers to manipulate prices, sell substandard products, or engage in unethical business practices without facing consequences.

Few sellers and limited competition:
- Another factor that leads to consumer exploitation is the presence of few sellers and limited competition in the market.
- When there are only a few sellers dominating the market, they have more control over prices and quality.
- This lack of competition allows sellers to charge higher prices, offer poor-quality products, and engage in anti-competitive practices.
- Consumers have limited choices and are forced to accept the terms set by these sellers, leading to their exploitation.

Conclusion:
- All the factors mentioned above - limited and wrong information, illiteracy and ignorance of the consumer, and few sellers with limited competition - contribute to the exploitation of consumers.
- These factors create an imbalance of power between sellers and consumers, allowing sellers to take advantage of consumers' lack of knowledge, limited options, and inability to make informed choices.
- To protect consumers from exploitation, it is essential to promote consumer education, ensure the availability of accurate and complete information, and encourage fair competition in the marketplace.
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Factors which cause the exploitation of the consumer :a)Limited and wrong informationb)Illiteracy and ignorance of the consumerc)Few sellers and limited competitiond)All the aboveCorrect answer is option 'D'. Can you explain this answer?
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