Ans) In this era of globalisation, the market is full of variety of products. The producer is free to produce. There are no fixed rules for quality and pricing. There is a lack of proper and complete knowledge of many aspects of the commodity, such as price, quality, composition, terms of use, rules of purchase etc. Therefore consumers make their financial loss by making wrong choices.

Ans) Monopoloy-Monopoly means having the right of any one producer or a producer group over the production and distribution of a commodity. In the case of a monopoly, the producers are arbitrary in relation to prices and quality and availability of goods. As a result, they are successful in exploiting the consumers.

Ans) When producers and traders hoard essential commodities, the price of these commodities increase in the market. The compulsive consumers have to buy the goods at these high prices and if the government rations these goods, then these goods come for sale in black market. This is called black marketing.

Ans) Consumer should get maximum satisfaction from his limited income and protect himself from exploitation prevailing evils. Through consumer education, they will get such knowledge that they will develop the ability to test the goods on the basis of merits and demerits and with this knowledge, they will be able to buy the right goods at the right time.

Ans) In 2005, the Government of India enacted a law, popularly known as RTI (Right to Information) Act, which ensures its cilitzens all the information about the functions of government departments.

Ans) Consumer exploitation means weighing less, charging more price, selling adulterated and defective goods, misleading the consumers by giving false advertisements etc.

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1. High Prices-Often shopkeepers have arbitrary prices moe than the retail prices.
2. Adulteration and impurity-Adulteration means mixing of cheap items in the article. This often affects the health of consumers.

Ans) Exploitation of consumer by black marketing of tickets.

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