Jagga started a small stationery shop in the nearby market. In pursuit of earning higher profits in a short term, he overpriced all his products by 20%. Gradually, the consumers understood his pricing strategy and stopped coming to his shop for making any purchase. Identify the related point highlighting the importance of consumer protection from businessmen’s point of view.

Question:Jagga started a small stationery shop in the nearby market. In pursuit of earning higher profits in a short term, he overpriced all his products by 20%. Gradually, the consumers understood his pricing strategy and stopped coming to his shop for making any purchase. Identify the related point highlighting the importance of consumer protection from businessmen’s point of view.

1.Long-term interest of business is assured

2.Business uses society’s resources so they need to safeguard consumer’s interests.

3.Social responsibility towards consumers as an important interest group.

4.It is the moral obligation of the businessmen to give due consideration to the consumer’s interests.


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