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Toasters have wires in them that heat up to warm the items placed inside. For the toaster to work properly, these wires must
Tacit Collusion
A situation where firms in an oligopoly indirectly coordinate actions without explicit agreement, typically leading to price setting or market sharing that benefits all involved parties.
Ergonomics Regulations
Standards and laws designed to improve safety, comfort, and efficiency by optimizing the design of products and environments for human use.
Social Regulation
Regulations aimed at improving health, safety, welfare, and well-being of citizens, often including environmental and consumer protection laws.
Consumer Product Safety Commission
A U.S. federal agency responsible for protecting the public from unreasonable risks of injury or death from consumer products through regulation, enforcement, and education.
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