Question

8. As the buyers, how to minimize lock-in and avoid monopoly exploitation

Answer 1

Answer

As a buyer the person shouldn't be totally dependent on the product that is offered by the market and must have knowledge of the new products and it's substitutes in the market . Which will help in avoiding the lock-in and monopolistic exploitation.

Whereas the rights of a buyer should be known to them and correct cost of the product should be known which will help them to avoid the exploitation .

The dependence on the product and due to lack of competition the exploration is done on buyers by quoting high prices on the product to earn more profits and if the demand will decrease of that product the prices will automatically fall. Therefore when the prices go up without any cause the buyer must stop purchasing the product or decrease the consumption pattern of such products which will automatically result in the fall of the prices of such products .

As a buyer the complain must be filed against such explorations to the government so that through intervention of the government the prices can be decreased .

To avoid lock in a buyer must have good and easy terms with the seller so that he may have various options in choosing the product according to its need .

These are certain steps which must be taken by buyers to minimize the exploitation .