Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer:
Assertion (A): Consumers need to be given legal protection against certain trade practices and business methods.
Reason (R): Protection as per market forces and 'Caveat Emptor' is not enough as perfectly competitive market is an economics dream and consumer sovereignty is a myth.
A. Both (A) and (R) are correct, but (R) is not the right explanation of (A)
B. (A) is correct, but (R) is incorrect
C. (A) is incorrect, but (R) is correct
D. Both (A) and (R) are correct and (R) is the right explanation of (A)
Answer: Option A
Related Questions on Legal Aspects of Business
A. 5 years imprisonment or 5 lakh rupees penalty or both
B. Life imprisonment
C. 3 years imprisonment or 2 lakh rupees penalty or both
D. None of the above
A. Proposal
B. Promise
C. Contract
D. None of these
What aspect of a patented product is tested by PCT?
A. Priority
B. Novelty
C. Exclusivity
D. Commercial value
The Competition Act, 2002 seeks to regulate
A. Anti-competitive agreements
B. Mergers and amalgamation
C. Unfair trade practices
D. Both A and B
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