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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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