The Principal Objective of Industrial Regulation Is to

question 207

Multiple Choice

The principal objective of industrial regulation is to

• A)increase product safety.
• B)promote improvements in the quality of life.
• C)protect the consuming public from the market power of natural monopolies.
• D)solve problems associated with industry, such as the problems of water and air pollution.

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Definitions:

Output Rises

An increase in the production of goods and services within an economy.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service relative to its market price.

Units

A standard measurement for quantity used to quantify material amount or the extent of something.

Good

A physical item that is produced and can be sold or traded to satisfy people's wants or needs.