"Limited competition and limited information results in exploitation of consumer " . can we agree with this statement , support your answith arguments.

Limited competition and limited information results in exploitation of consumer.
 With limited competition, consumers are forced to buy product as offered and the price as marked by the manufacturer. Generally, in case of monopoly items, the manufacturer charges a high price, and compromises on the quality, as there is no competition for such products.
With limited knowledge, the consumers buy inferior quality products at high prices even though several other items in the product category, with better quality and at a lesser price may be available.
Both these scenarios, exploits the consumers.


 

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