Why is there a need to regulate prices?

1.	Why is there a need to regulate prices?
Answer» Trades main aim is to earn profit, raise prices of many goods and particularly essential items by illegal ways. If there is no increase in wage for workers who are also consumers in the market, they cannot buy the goods. When these goods happen to be essentials such as wheat, rice, milk etc., this creates problem for the people. This necessitates the need for regulation of traders to regulate prices.

Answer»

Trades main aim is to earn profit, raise prices of many goods and particularly essential items by illegal ways.

If there is no increase in wage for workers who are also consumers in the market, they cannot buy the goods.

When these goods happen to be essentials such as wheat, rice, milk etc., this creates problem for the people.

This necessitates the need for regulation of traders to regulate prices.

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