Question

The importance of consumer protection from the business point of view includes: (A) Social responsibility
(B) Government intervention
(C) Business uses its own resources
(D) Long term interest of business

• A. (A), (C) and only
• B. (A), (B) and (D) only
• C. (A), (B), (C) and (D) only
• D. (B), (C) and (D) only

Hint:

Consumer protection is crucial for long-term business success, ensuring customer trust, ethical practices, and alignment with regulations.

Answer 1

The Correct Option is B

Step 1: Understanding the importance of consumer protection.
From a business perspective, consumer protection is essential not only for the well-being of customers but also for the long-term interests of the business. Let's analyze each option:
Step 2: Analyzing each option.
- (A) Social responsibility: Businesses have a social responsibility to protect consumers by offering quality products, ensuring safety, and maintaining ethical standards.
- (B) Government intervention: Government intervention is necessary to regulate businesses, ensuring that they do not exploit consumers and are held accountable for their actions.
- (C) Business uses its own resources: This does not directly relate to consumer protection as the business may use its resources for other purposes, such as production, marketing, and R and D.
- (D) Long-term interest of business: Protecting consumers ensures business sustainability, loyalty, and reputation, all of which are critical for long-term success.
Step 3: Conclusion.
The correct options for the importance of consumer protection from a business point of view are:
- Social responsibility
- Government intervention
- Long-term interest of business
Thus, the correct answer is option 2: (A), (B), and (D) only.
Final Answer: \[ \boxed{\text{The correct answer is (2) (A), (B) and (D) only.}} \]