Many market standards are developed by private-sector trade associations.

Question

Quizplus · Accepted Answer

Many market standards, such as product specifications, testing procedures, and performance requirements, are developed by private-sector trade associations. These associations bring together industry experts, manufacturers, and other stakeholders to establish common guidelines and best practices that help to promote safety, quality, and efficiency in their respective markets. Examples of trade associations that develop standards include the National Electrical Manufacturers Association (NEMA) and the American Society of Mechanical Engineers (ASME).

Many Market Standards Are Developed by Private-Sector Trade Associations