What does "consumer protection" aim to ensure?

What does "consumer protection" aim to ensure?

• A. Higher prices for goods
• B. Rights of consumers and fair trade
• C. Limited choices for consumers
• D. Increased competition at any cost

Answer: (B)

Consumer protection aims to ensure the rights of consumers and fair trade, which encompasses a variety of regulations and measures designed to safeguard individuals in the marketplace. This includes ensuring that products and services are safe, labeling is accurate, and advertising is not misleading. By advocating for fair trade practices, consumer protection laws help maintain a competitive market where consumers can make informed choices based on honest information. The objective is to empower consumers, ensuring they have recourse against unfair practices and that businesses operate ethically. This protection fosters a stable economic environment where consumers trust the marketplace, which is vital for the smooth functioning of the free enterprise system. The other options focus on aspects that undermine consumer welfare, such as artificially inflating prices, limiting choices, or promoting competition without regard to fairness, which can harm consumers rather than protect them.

Consumer protection aims to ensure the rights of consumers and fair trade, which encompasses a variety of regulations and measures designed to safeguard individuals in the marketplace. This includes ensuring that products and services are safe, labeling is accurate, and advertising is not misleading. By advocating for fair trade practices, consumer protection laws help maintain a competitive market where consumers can make informed choices based on honest information.

The objective is to empower consumers, ensuring they have recourse against unfair practices and that businesses operate ethically. This protection fosters a stable economic environment where consumers trust the marketplace, which is vital for the smooth functioning of the free enterprise system. The other options focus on aspects that undermine consumer welfare, such as artificially inflating prices, limiting choices, or promoting competition without regard to fairness, which can harm consumers rather than protect them.