What is the objective of The MRTP Act, 1969? (a) No monopolies (b) To ensure that the operation of the economic system does not result in the concentration of economic power to the common detriment (c) To prohibit restrictive and unfair trade practices, which are prejudicial to public interest
All (a) (b) (c)
Understanding the MRTP Act, 1969 Objectives
The Monopolies and Restrictive Trade Practices (MRTP) Act was enacted in 1969 in India. The primary goal of the MRTP Act was to regulate economic activities to prevent concentration of economic power and to curb practices detrimental to public interest. Let's look at the potential objectives mentioned in the options:
Examining MRTP Act Objectives
- (a) No monopolies: While the Act aimed to control monopolistic practices and prevent their adverse effects, its objective was not to eliminate monopolies entirely. Rather, it sought to regulate them to ensure they did not operate against public interest. However, aiming for an environment free from harmful monopolies can be seen as an underlying goal.
- (b) To ensure that the operation of the economic system does not result in the concentration of economic power to the common detriment: This was a core objective of the MRTP Act. It aimed to prevent large businesses from accumulating excessive economic power that could harm competition, exploit consumers, or disadvantage smaller players in the market. This is directly mentioned in the preamble and provisions of the Act.
- (c) To prohibit restrictive and unfair trade practices, which are prejudicial to public interest: Another key objective of the MRTP Act was to identify and prohibit various trade practices that restrict competition or are unfair to consumers and businesses, thus harming public interest. Examples include price fixing, tied selling, misleading advertising, etc.
Based on the comprehensive scope of the MRTP Act, it addressed the issues outlined in points (b) and (c) directly. The Act aimed to control monopolistic practices and prevent the concentration of economic power to the detriment of society, while also prohibiting specific restrictive and unfair trade practices.
Considering the scope and purpose of the MRTP Act, all three statements capture different facets of its overall objectives, aiming to foster a fair and competitive economic environment and prevent consumer exploitation and concentration of wealth.
Important Questions from Miscellaneous
A stone is thrown horizontally from the top of a 20 m high building with a speed of 12 m/s. It hits the ground at a distance R from the building. Taking g = 10 m/s2 and neglecting air resistance will give :
A sphere of volume V is made of a material with lower density than water. While on Earth, it floats on water with its volume f1V (f1 < 1) submerged. On the other hand, on a spaceship accelerating with acceleration a < g (g is the acceleration due to gravity on Earth) in outer space, its submerged volume in water is f2V. Then:
A railway wagon (open at the top) of mass M1 is moving with speed v1 along a straight track. As a result of rain, after some time it gets partially filled with water so that the mass of the wagon becomes M2 and speed becomes v2. Taking the rain to be falling vertically and the water stationery inside the wagon, the relation between the two speeds v1 and v2 is :
Consider the following statements:
1. Distance between the longitudes becomes zero on North Pole and South Pole.
2. Distance between the longitudes is maximum on the Equator.
3. Number of longitudes is more than number of latitudes.
Which of the statements given above is/are correct?
One block of 2⋅0 kg mass is placed on top of another block of 3⋅0 kg mass. The coefficient of static friction between the two blocks is 0⋅2. The bottom block is pulled with a horizontal force F such that both the blocks move together without slipping. Taking acceleration due to gravity as 10 m/s2, the maximum value of the frictional force is :
