Read the following statements and mark the correct answer.

Assertion: Consumer Protection is important not only for consumers but also for businesses.
Reasoning: From the point of sellers, consumer protection is important because consumers are ignorant, unorganized and exploited by sellers.

Assertion (A) is true but Reasoning (R) is not correct.

The correct answer is option 3- Assertion (A) is true but Reasoning (R) is not correct.

Assertion: Consumer Protection is important not only for consumers but also for businesses. This is true.
Reasoning: From the point of sellers, consumer protection is important because consumers are ignorant, unorganized and exploited by sellers. This is not true as these points are important from the consumer point of view not seller.

* From the point of consumers, consumer protection is important because consumers are ignorant, unorganised and exploited by sellers.

* Consumer Protection is also important for a business because (i) It is in the long-term interest of business, (ii) Business uses society’s resources, (iii) It is a social responsibility of business, (iv) It has moral justification, (v) It avoids government intervention in the functioning of business.