When the House Oversight and Government Reform Committee Launched a 2016

question 64

Multiple Choice

When the House Oversight and Government Reform Committee launched a 2016 inquiry into a sudden 500-percent price hike in EpiPens (which are used to treat severe allergic reactions) ,
It was an example of ________ oversight.

• A)"health and well-being"
• B)"privatization"
• C)"police patrol"
• D)"fire alarm"

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar, leading to prices being determined by supply and demand.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Equilibrium Price

The pricing level where goods supplied and goods demanded by consumers are equal.

Government Interference

Actions by a government that affect the market, potentially through regulations, taxes, subsidies, or direct control of industries.