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price fixing
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Difference between unfair trade practice and restrictive trade practice?
Unfair trade practice" as per Section 2(r) means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice, while "restrictive trade practice" means a trade practice which tries to manipulate the price or conditions of delivery to affect flow of supplies in the market relating to goods or services in such a manner as to impose on the consumers unjustified costs or restrictions [as per section 2(nnn)].
How unfair trade practice in India?
An unfair trade practice means a trade practice, which, for the purpose of promoting any sale, use or supply of any goods or services, adopts unfair method, or unfair or deceptive practice. Unfair practices may be categorised as under: 1.FALSE REPRESENTATION The practice of making any oral or written statement or representation which: * Falsely suggests that the goods are of a particular standard quality, quantity, grade, composition, style or model; * Falsely suggests that the services are of a particular standard, quantity or grade; * Falsely suggests any re-built, second-hand renovated, reconditioned or old goods as new goods; * Represents that the goods or services have sponsorship, approval, performance, characteristics, accessories, uses or benefits which they do not have; * Represents that the seller or the supplier has a sponsorship or approval or affiliation which he does not have; * Makes a false or misleading representation concerning the need for, or the usefulness of, any goods or services; * Gives any warranty or guarantee of the performance, efficacy or length of life of the goods, that is not based on an adequate or proper test; * Makes to the public a representation in the form that purports to be- * *# a warranty or guarantee of the goods or services, *# a promise to replace, maintain or repair the goods until it has achieved a specified result, if such representation is materially misleading or there is no reasonable prospect that such warranty, guarantee or promise will be fulfilled * Materially misleads about the prices at which such goods or services are available in the market; or * Gives false or misleading facts disparaging the goods, services or trade of another person. 2.FALSE OFFER OF BARGAIN PRICE- Where an advertisement is published in a newspaper or otherwise, whereby goods or services are offered at a bargain price when in fact there is no intention that the same may be offered at that price, for a reasonable period or reasonable quantity, it shall amount to an unfair trade practice. The 'bargain price', for this purpose means- # the price stated in the advertisement in such manner as suggests that it is lesser than the ordinary price, or # the price which any person coming across the advertisement would believe to be better than the price at which such goods are ordinarily sold. FREE GIFTS OFFER AND PRIZE SCHEMES The unfair trade practices under this category are: * Offering any gifts, prizes or other items along with the goods when the real intention is different, or * Creating impression that something is being offered free alongwith the goods, when in fact the price is wholly or partly covered by the price of the article sold, or * Offering some prizes to the buyers by the conduct of any contest, lottery or game of chance or skill, with real intention to promote sales or business. 4.NON-COMPLIANCE OF PRESCRIBED STANDARDS Any sale or supply of goods, for use by consumers, knowing or having reason to believe that the goods do not comply with the standards prescribed by some competent authority, in relation to their performance, composition, contents, design, construction, finishing or packing, as are necessary to prevent or reduce the risk of injury to the person using such goods, shall amount to an unfair trade practice. 5.HOARDING, DESTRUCTION, ETC. Any practice that permits the hoarding or destruction of goods, or refusal to sell the goods or provide any services, with an intention to raise the cost of those or other similar goods or services, shall be an unfair trade practice. INQUIRY INTO UNFAIR TRADE PRACTICES The Commission may inquire into Any unfair trade practice * Upon receiving a complaint from any trade association, consumer or a registered consumer association, or * Upon reference made to it by the Central Government or State Government * Upon an application to it by the Director General or * Upon its own knowledge or information. RELIEF AVAILABLE After making an inquiry into the unfair trade practice if the Commission is of the opinion that the practice is prejudicial to the pubic interest, or to the interest of any consumer it may direct that - * The practice shall be discontinued or shall not be repeated; * The agreement relating thereto shall be void in respect of such unfair trade practice or shall stand modified. * Any information, statement or advertisement relating to such unfair trade practice shall be disclosed, issued or published as may be specified * The Commission may permit the party to carry on any trade practice to take steps to ensure that it is no longer prejudicial to the public interest or to the interest of the consumer. However no order shall be made in respect a trade practice which is expressly authorised by any law in force. The Commission is empowered to direct publication of corrective advertisement and disclosure of additional information while passing orders relating to unfair trade practices.
Why government control business?
Businesses are usually profit motivated. Many times in order to gain more profit the business might neglect issues like environmental protection and production of harmful and dangerous products.Large business might take the advantage of their size and exploit consumers, employees and even use unfair tactics to overcome competition from small businesses.Business might use media to portray a wrong image of their product or may even mislead customers to buy products.
How does managerial economics bridge the gap between theory and business practices?
"Business economics integrates economic theory with business practice" Business economics is a special branch of economics that bridges gap between abstract theory and business practice. It deals with use of economic concepts and principles for decision making in a business unit. Hence, it is also called as Managerial Economics or Economics of the firm. Managerial economics is economics applied in the business decision making. Hence, it is also called Applied Economics. In simple words, business economics is the discipline which helps a business manager in decision making for achieving the desired results. In other words, it deals with the application of economic theory to business management.
How would effective use of resources contribute to the profit of a business?
How would effective use of resources contribute to the profit of a business?
Difference between unfair trade practice and restrictive trade practice?
Unfair trade practice" as per Section 2(r) means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice, while "restrictive trade practice" means a trade practice which tries to manipulate the price or conditions of delivery to affect flow of supplies in the market relating to goods or services in such a manner as to impose on the consumers unjustified costs or restrictions [as per section 2(nnn)].
Use the word cartel in a sentence?
generally in inflation many producers trying to make high profits by making cartel,
What guns do Mexico's cartel use?
They use a lot of guns given them by the US BATF.
How do you use the word unfair in a sentence?
It was unfair for him to be punished for something he didn't do.
Use of vs. in a sentence?
The scheduled fight was Giovanni vs. Cartel.
Use unfair and injustice in a sentence?
The world is full of injustice and unfair laws.
What belief did Theodore roosevelt William Howard Taft and Woodrow Wilson share concerning the federal government?
Use its power to regulate unfair business practices.
A cartel is able to survive only if what?
members use advertising to differentiate their goods
What word means unfair use of government power?
The word that means unfair use of government power is "tyranny."
What is a business proposal template?
A business proposal template is the basic outlining of the purpose and practice of the specific business it is for. A template is generally open for multiple ideas and different businesses to use. A guideline that allows for a flow of the business model.
When you flip a coin if it hits the ground can you use it?
No you can not use it it is considered an unfair toss.
Why don't swimmers use any equipments?
Swimmers do use equipment when they are practicing. They have buoyes to pt in there feet to train the arms, flippers to practice kicking and a lot of stuff, but they don't need any of that stuff in a race because it would either slow them down or give them an unfair advantage.
