Quality standards should be set by consumer groups so as to maximize the producer's profit.

Question

Quizplus · Accepted Answer

Quality standards should not be set solely to maximize the producer's profit. The primary goal of setting quality standards should be to ensure that consumers receive safe and high-quality products. While ensuring a reasonable profit for the producer is important, it should not take priority over consumer safety and satisfaction. Therefore, quality standards should be set by a combination of consumer groups and government regulators to strike a balance between the interests of consumers and producers.

Quality Standards Should Be Set by Consumer Groups So as to Maximize