Under the Toxic Substances Control Act (TSCA)

question 12

Multiple Choice

Under the Toxic Substances Control Act (TSCA)

• A) a registration procedure is used to control the introduction of new chemical substances
• B) manufacturers are required to notify the government of a new chemical by the day it is introduced into commerce
• C) producers must notify the government 90 days before they plan to produce a new chemical
• D) the EPA has one year to evaluate the risks and respond to a manufacturer's premanufacture notice (PMN) of a new chemical

Understand the concept of logrolling and its potential effects on economic efficiency.

Understand the concepts of producer and consumer surplus.

Identify and analyze market failures.

Describe conditions for allocative efficiency in markets.

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Definitions:

Normative Conformity

It refers to the tendency of individuals to conform to the expectations of others to gain approval or avoid disapproval.

NFL Jersey

An officially licensed piece of apparel that represents a player or team in the National Football League, often worn by fans.

Baseball Cap

A type of soft cap with a rounded crown and a stiff bill projecting in front, commonly worn in casual settings.

Asch Experiment

The Asch Experiment was a psychology experiment on conformity, showing how social pressure can cause individuals to conform to incorrect group opinions.