Safety Standards for Products Such as Bicycles Are Set by The

question 317

Multiple Choice

Safety standards for products such as bicycles are set by the:

• A) Consumer Product Safety Commission.
• B) U.S. Department of Transportation.
• C) Federal Trade Commission.
• D) Environmental Protection Agency.
• E) Food and Drug Administration.

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Definitions:

Substitute Goods

Goods that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.

Independent Goods

Products or services whose demand is not directly related to the demand for other goods; their consumption or purchase does not affect the consumption or purchase of other products.

Quantity Supplied

The amount of a good that producers are willing to sell at a given price over a specified period.

Quantity Demanded

The amount of a good or service consumers are willing and able to purchase at a given price.