How does laws help to protect the interests of producers and consumers in the market? Name any one such law and how it works

Dear Student,
The amendment of laws play a very important role in protecting the interests of producers and consumers in the market:
1. They help in avoiding any kind of arguments or feuds between the producers or the consumers.
2. They also help both the parties in having relevant negotiations regarding various issues related to the market.
3. They also have a significant contribution in the progress and development of the market which proves to be beneficial for both the producers and the consumers.
One such law in India is the Competition Act, 2002 which promotes sustainable competition in the market, ensures free trade and also protects the interests of the consumers as well.
Regards

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