Rural Development — Economics STD 12 Humanities & Commerce — Question

The purpose of a regulated market is to eliminate unhealthy market practices, to reduce marketing charges and to ensure fair prices for agricultural produce. All the states have now passed legislation for the establishment of regulated markets. Features of a regulated market:

1. A regulated market is started under the law either for any specific commodity or a group of commodities.
2. It is administered by the market committee which consists of representatives of the State Government, the legal bodies, the traders, and the farmers themselves.
3. It prevents unauthorised deductions from the price paid to the farmer and ensures that correct weights and measures are always used.
4. It has helped in using standard measures, eliminated middlemen, and thus ensured fair prices for the agricultural produce.