Consumer Exploitation

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  • Q1

    Define “Hoarding” and what is the reason behind it?

    Marks:2
    Answer:

    The act of controlling supply of products to fetch high prices in future by the seller is known as hoarding.

    Artificial scarcity created by traders by hiding commodities encourages manufacturers to ask unnecessarily high prices from the consumers. This results in hoarding or black marketing.

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  • Q2

    Define Aulteration.

    Marks:2
    Answer:

    Adulteration usually refers to mixing other matter of an inferior and sometimes harmful quality with food or drink intended to be sold. Food Adulteration is a legal term used to describe the inclusion of a harmful substance
    in a food or the exclusion of a required substance from a food

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  • Q3

    What do you mean by unfair trade practices?

    Marks:2
    Answer:

    Any fraudulent, deceptive, or dishonest trade practice that is prohibited by statute, regulation, or the law is known as unfair trade practices.

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  • Q4

    Explain the term “restricted trade practices “

    Marks:2
    Answer:

    The term restrictive trade practice is used for any strategy used by producers to restrict competition within a given market. The aim of restrictive practices is to raise prices and restrict output to the benefit of the companies practicing them.

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  • Q5

    Cite an example to show how consumer is exploited by selling an expiry product.

    Marks:2
    Answer:

    Consumers are often sold the products which are already expired which can cause serious problems to their health. For example; few general stores sell drinks and juices to the consumers which are already expired that causes serious health problems thereafter.

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