Question : How does the Consumer Protection Act contribute to the overall welfare of society?
Option 1: By ensuring fair trade practices and protecting consumer rights
Option 2: By promoting monopolies and restricting consumer choices
Option 3: By increasing the prices of goods and services
Option 4: By discouraging the production of quality products
Correct Answer: By ensuring fair trade practices and protecting consumer rights
Solution : The correct answer is (a) By ensuring fair trade practices and protecting consumer rights.
The Consumer Protection Act contributes to the overall welfare of society by ensuring fair trade practices and protecting consumer rights. It establishes a legal framework that aims to create a balance between the interests of consumers and businesses, promoting a fair and transparent marketplace. The Consumer Protection Act, through its provisions and enforcement, aims to create a harmonious and equitable marketplace where consumers can confidently engage in transactions and exercise their rights. By doing so, it contributes to the overall welfare and well-being of society.
