Q. 175.0( 3 Votes )

Describe the conditions in which markets do not work in a fair manner. [CBSE 2015]

Answer :

Markets can work in unfair means through a variety of ways. Sellers are usually concerned only with profit and not consumers’ welfare.

Markets don’t work in a fair manner when:

1. Consumers can be sold adulterated good purposefully for increasing their profit.

2. Sellers usually don’t accept responsibility for the sold products if there is any defect because they want to avoid accountability.

3. False information can be advertised on media to attract buyers. For example, a company selling baby milk powder advertised for a long time that it was better than mother’s milk.

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