As stated in the text and mentioned in North Carolina State Board of Dental Examiners v.Federal Trade Commission,the state action exemption was developed in:

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In Parker v.Brown (1943),the Supreme Court held that a California state agency's regulation of the production and price of raisins was a state action exempt from the federal antitrust laws.The state action exemption developed in Parker v.Brown recognizes states' rights to regulate economic activity in the interest of their citizens.

As Stated in the Text and Mentioned in North Carolina