I would hope sincerely that they don't drop packets to achieve an average throughput. I can't think of anything more stupid.
Packets have to be dropped in order to signal to TCP to slow down(*).
Usually the policer has some sort of "leaky bucket" algorithm, which allows you to burst and then starts dropping packets until your average throughput falls to the right level.
The alternative is to put packets in queues and pull them out at a limited rate - but that gives rise to buffer bloat, i.e. large latency. If the sender keeps sending above the permitted rate then the queue is going to fill up anyway, at which point you're back to dropping packets.
An intermediate approach is Random Early Drop - where a small amount of packet loss is introduced before the queue is full. This gives an early hint to TCP to start slowing down.
(*) OK, there's Explicit Congestion Notification, but that's not yet fully deployed AFAIK.