In the United States, the Food and Drug Administration (FDA) enforces regulations aimed at ensuring that new drugs that are marketed do, in fact, have the functions they are supposed to have. Which of the following arguments provides an appropriate justification for such regulations? These regulations are necessary because: A.verification by each consumer would be extremely inefficient B.verification is an easy task within a market economy C. quantity regulations are so rare within a market economy D. quantity regulations are so efficient
In the United States, the Food and Drug Administration (FDA) enforces regulations aimed at ensuring that new drugs that are marketed do, in fact, have the functions they are supposed to have. Which of the following arguments provides an appropriate justification for such regulations? These regulations are necessary because: A.verification by each consumer would be extremely inefficient B.verification is an easy task within a market economy C. quantity regulations are so rare within a market economy D. quantity regulations are so efficient
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter16: Bargaining
Section: Chapter Questions
Problem 16.6IP
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In the United States, the Food and Drug Administration (FDA) enforces regulations aimed at ensuring that new drugs that are marketed do, in fact, have the functions they are supposed to have.
Which of the following arguments provides an appropriate justification for such regulations?
These regulations are necessary because:
A.verification by each consumer would be extremely inefficient
B.verification is an easy task within a market economy
C. quantity regulations are so rare within a market economy
D. quantity regulations are so efficient
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