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Question:

Why are rules and regulations required for the protection of consumers in the marketplace?

Solution:

Rules and regulations are required in the marketplace to protect consumers against exploitation by producers, sellers, and service providers. They often indulge in unfair trade practices and provide false information about a particular service or product. Most consumers are unaware of their rights and are often deceived by suppliers. So, in the interest of the consumer, it is necessary to take action against suppliers and producers.