Explain the circumstances under which markets do not work in a fair manner.
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Answer
The markets do not work in a fair manner because:
Sometimes shopkeepers weigh less than what they should.
Traders add charges that are not mentioned before.
Shopkeepers sell adulterated or defective goods.
At times false information is passed on through the media, and other sources to attract customers.
Example - The case of milk powder for the babies.
When producers are few and powerful and the consumers purchase in small amounts and are scattered. It results in a unfair practices in the market place.
Especially when large companies are producing these goods.
They manipulate market in various ways e.g.
Black Marketing.
Rampant food shortage, etc.
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