Deceptive and unfair laws apply to ordinary businesses in order to protect each from malicious competition. They also exist to protect consumers from being taken advantage of.
Commission is used to define an agency that regulates business. The Federal Trade Commission is the governmental agency which regulates business. The Federal Trade Commission was established in 1914 by President Woodrow Wilson. It was established for consumer protection and the elimination and prevention of anticompetitive business practices. The FTC is still in operation today and protects consumers against unfair or deceptive acts or practices in commerce.
1.Vendor lock in: a company say a wide range of product can be used with its products but this is not true. Price fixing: a group of companies agree that all of them will charge the same price. 3.Predatory pricing: a large company charges a price below production cost in order to eliminate small competitors.
Robber Barron
Robber Barron
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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)].
Colin Lockhart has written: 'The law of misleading or deceptive conduct' -- subject(s): Competition, Unfair, Consumer protection, Deceptive advertising, Law and legislation, Unfair Competition
Federal Trade Commission Act
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federal trade commission
Consumer protection is necessary to ensure that consumers are not exploited or harmed by businesses through deceptive practices, unfair terms, or unsafe products. It helps to balance the power dynamic between businesses and consumers, promoting trust and transparency in the marketplace. Ultimately, consumer protection safeguards individuals from being taken advantage of and promotes fair competition.
A consumer can protect his /herself against unfair practices by seeking redress, knowing his/her consumer rights and being informed
Muckrakers
Clayton Act
price fixing
unfair business practices
Discrimination