Which of the Following Statements Is True for Consumer Product

question 10

Multiple Choice

Which of the following statements is true for Consumer Product Safety Act (CPSA) of 1972?

• A)This act can regulate consumer products but does not have the power to ban any products.
• B)The Consumer Product Safety Commission created by it is the main federal agency concerned with product safety.
• C)Its authority covers products such as motor vehicles and equipment,firearms,aircraft,boats,drugs,cosmetics,and food products.
• D)It cannot bring suit in federal district court to eliminate the dangers presented by imminently hazardous consumer products.

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Definitions:

Nash Equilibrium

An idea in game theory where a player cannot gain by altering their strategy if all other players maintain their current strategies.

Advertising Expenditures

The amount of money spent on promoting products, services, or brands through various media channels.

Profit Functions

Mathematical functions that represent a firm’s profits, typically as a function of price and quantity.

Pigouvian Tax

A tax imposed on any market activity that generates negative externalities (costs not reflected in the market price) with the aim of correcting the market outcome.