Product standards provide an element of protection to domestic firms.

Name: Product standards provide an element of protection to domestic firms.
Brand: Quizplus
Rating: 4.7 (41 reviews)

Question

Quizplus · Accepted Answer

Product standards ensure that all products (both domestic and foreign) meet the same level of quality and safety, which can provide a level playing field for domestic firms to compete on. Standards can also help to prevent the entry of low-quality or unsafe products from foreign competitors, thus protecting domestic firms from unfair competition.

Product Standards Provide an Element of Protection to Domestic Firms