Final answer:
To prevent consumer deception, traders can engage in overpricing, false advertising, and hidden fees. The FTC regulates these practices, but the principle of 'Caveat emptor' remains essential for consumer awareness. Sellers can reassure buyers by being transparent and providing accurate information.
Step-by-step explanation:
Ways through which consumers can be cheated in their dealings with traders include overpricing of goods, false advertising, and hidden fees. These deceptive practices can mislead consumers into paying more than what is fair or purchasing items that do not meet their expectations based on the advertising. The Federal Trade Commission (FTC) works to ensure that factual claims about product performance are verified, but consumers are still advised to be cautious.
To reassure a potential buyer who may be confronted with imperfect information, a seller of goods can provide thorough and accurate descriptions, offer warranties or guarantees, share customer reviews, and adhere to transparent pricing practices. Nevertheless, it's important to remember the adage Caveat emptor, which reminds buyers to always be aware and vigilant.