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What is the law o
A consumer is any person who consumes and receives satisfaction by paying the value for purchasing any commodity. The consumer can be a consumer of goods or a consumer of services. The situation in which the buyers do not receive the benefits and services according to the buyer's value or the situation in which the sellers receives or charges the value of commodities higher than its value is known as consumer exploitation.
To prevent the exploitation faced by the consumers in the market, the Consumers Protection Act was enacted in 1986. The act was enacted to protect the interests of the consumers give them the right to be protected against various exploitations faced by them. It enabled the establishments of various consumer councils and other legislatures for protecting their interests.
According to the act, the consumers have the right to be provided with various types of goods at different competitive prices by the government and other authorities. Monopolies should not be entertained in the market unless they are under the authority of the government. Thus to curtail the emergence of monopolies, competitions have to be stimulated in the market. Only a competitive market can be transparent, appropriate and effectively regulated. To ensure effective competition in the market, competition law and competition policy are vital. The competitive law prohibits and prevents anti-competitive practices in the market. It also penalises such strategies in the market.
Sometimes, the regulatory laws of the government mimic competition to prevent the evolution of monopolies in the market. This imitative competition by the government and other authorities is known as the law of mimicking. It is also required to maintain the intellectual property rights and to maintain the efficient functioning of the markets.
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