In Addition to Having the Power to Decide When Drugs

question 392

Multiple Choice

In addition to having the power to decide when drugs and certain food products will be marketed, the FDA can remove products from the market. An example of the FDA's use of its power to remove products from the market is the:

• A) recall of GM trucks from the market
• B) removal of animal-tested cosmetics from the market
• C) removal of high-fat pork products from the market
• D) removal of low-SPF tanning products from the market
• E) none of the other choices

Comprehend how to derive and interpret the demand curve for public goods.

Analyze the efficiency conditions for the provision of public goods, including the collective willingness to pay.

Understand the characteristics that differentiate private goods from public goods, specifically rivalry and excludability.

Apply the concepts of marginal cost and marginal benefit to determine the optimal level of resource allocation for public goods.

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