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. They prevent unfair practices like deceptive advertising, price gouging, and false claims. Regulations set quality benchmarks, ensuring that products meet certain standards. For example: Food Safety Regulations are meant to protect consumers from contaminated or misleading products, ensuring that the food they purchase is safe. Without such regulations, consumers might face health risks from unsafe food products or deceptive marketing practices.