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.
Answer & explanation
Correct answer: option 3
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 statement is true because consumer protection helps businesses earn goodwill, customer loyalty and long-term profits.
Reasoning: From the point of sellers, consumer protection is important because consumers are ignorant, unorganized and exploited by sellers. This statement is incorrect because these reasons explain the need for consumer protection from the consumers’ point of view, not from the sellers’ point of view.