GENERAL KNOWLEDGE

Detailed explanation-1: -Limited competition-At times only one producer or a group of producers produce some products. So they control the production and supply of certain goods. Thus they manipulate the prices of their products by making these non-available for certain period.

Detailed explanation-2: -Consumer exploitation is a situation in which a consumer is cheated or given false information by the producer. Large companies with huge wealth, power and reach can manipulate the market in various ways. At times they pass on false information through the media, and other sources to attract consumers.

Detailed explanation-3: -1) Consumers buy a wide range of goods without making an adequate initiative to know consumer rights. 2) Due to illiteracy, consumers may not challenge the quality and quantity of goods supplied by the seller, even the goods and services provided by them are not satisfactory.