That is a tort, individually, and possibly fraud charges at the State level.
What gives the FedGov the lawful power to regulate that?
/johnny
Does the FDA do it now? How could the states individually regulate labeling?
In the case of the silver analogy, the government is authorized by the Constitution to regulate weights and measures. A marketing term that signifies "grade" however, isn't authorized to the fedgov.
A tort based on what? If there no legal standard of "extra virgin", then everything can be extra virgin. You have no bases upon which to build a tort claim.
"What gives the FedGov the lawful power to regulate that?"
The Commerce Clause, or so held the Supreme Court in a number of challenges to the The 1938 Food, Drug, and Cosmetic Act.
Excellent re-tort (pun intended).