Caveat emptor is a Latin phrase that means "let the buyer beware." It was used to express the doctrine used by businesses during the 1900s that meant "what you see is what you get." Which of the following statements about this doctrine and its application is false? a. Before the 1930s most people believed that competition and the action of the marketplace would, in time, correct abuses of the free-market system. b. As government involvement has increased, so has everyone's awareness of the social responsibility of business. c. During the 1900s government became involved in day-to-day business activities regularly to limit the free-market system. d. Consumers injured by a product or unscrupulous business practices during the 1900s could take legal action against the business.

Question

Lilah Vega

Business

20 June, 01:45

Caveat emptor is a Latin phrase that means "let the buyer beware." It was used to express the doctrine used by businesses during the 1900s that meant "what you see is what you get." Which of the following statements about this doctrine and its application is false? a. Before the 1930s most people believed that competition and the action of the marketplace would, in time, correct abuses of the free-market system. b. As government involvement has increased, so has everyone's awareness of the social responsibility of business. c. During the 1900s government became involved in day-to-day business activities regularly to limit the free-market system. d. Consumers injured by a product or unscrupulous business practices during the 1900s could take legal action against the business.

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Alivia · Answer 1

b. As government involvement has increased, so has everyone's awareness of the social responsibility of business.

Explanation:

There were no consumer laws past 1990's. As there was no need felt for the same.

As in the 1930's many of the market performers as generally there existed monopoly, thought that with new coming of competitors the awareness of consumer would increase and that the customer will be more demanding, and the market will then become customer centered.

For this just after the great depression, the laws were built to control the markets through government regulations and public performance.

This tried to abolish monopoly in the market, and accordingly government started participating in the day to day operation, thereon.

This concludes that the false statement is:

Statement b.