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ICSE Class X Economics 2022 Papers
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Question : 26 of 33
Marks:
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Explain any three ways how consumers are exploited by the retailers?
Solution:
Ways in which consumer are exploited : (a) Underweight and Under Measurement : The goods being sold in the market are sometimes not measured or weighted correctly. (b) High Prices : Very often the traders charge a price higher than the prescribed retail price. (c) Duplicate Articles : In the name of genuine parts or goods, fake or duplicate item are being sold to the consumers. (d) Artificial Scarcity : In order to make illegitimate profit, businessmen create artificial scarcity by hoarding. They sell the products at a later stage at higher prices. (e) Adulteration and Impurity : In costly edible items such as oil, ghee and spices, adulteration is made in order to earn higher profits. Adulteration of foods causes heavy loss to the customers; they may suffer from monetary loss as well as physical loss i.e., health issues. (Any three)
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