The Wheeler-Lea Act gives the Federal Trade Commission the power to regulate ?
Correct answer: C. unfair and deceptive acts or practices
- A. interstate commerce
- B. marketing ethics
- C. unfair and deceptive acts or practices
- D. competitive advertising of objective product benefits
Explanation
The Wheeler-Lea Act expanded the Federal Trade Commission's authority over unfair or deceptive acts and practices in advertising and commerce. It is therefore associated with option c rather than general interstate-commerce regulation.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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