In the European Union (EU), approval of new pharmaceutical products is done by the European Medicines Agency (EMA). The EMA scientifically evaluates the safety and effectiveness of new medicines. After receiving approval from the EMA, the producer of a new drug needs to negotiate inclusion in reimbursement lists with the National Health Services (NHS) in every member state of the EU. In a centrally planned economy, the government decides how resources will be allocated. In a market economy, the decisions of households and firms that interact in markets allocate resources. In this context, which statement is more accurate: (a) the regulation of the production and sale of drugs in the EU is an example of how resources are allocated in a centrally planned economy, or (b) the regulation of the production and sale of drugs in the EU is an example of how resources are allocated in a market economy?
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