Why are rules and regulations required in the marketplace? Illustrate with a few examples.

Rules and regulations are required for the protection of the consumers in the marketplace. Individual consumers often find themselves in a weak position. Whenever there is a complaint regarding a good or service that had been bought, the seller tries to shift all the responsibility on to the buyer.
Exploitation in the marketplace happens in various ways.

For example:

(i)Sometimes traders indulge in unfair trade practices such as when shopkeepers weigh less than what they should or when traders add charges that were not mentioned before, or when adulterated/defective goods are sold.

(ii)A company for years sold powder milk for babies all over the world as the most scientific product claiming this to be better than mother’s milk. It took years of struggle before the company was forced to accept that it had been making false claims.