Agencies exercise their quasi-legislative power by issuing rules and regulations that have the force and effect of law.

Question

Quizplus · Accepted Answer

Agencies often replace competition with regulation. When a firm is given monopoly power, it loses its freedom of contract, and a governmental body is given the power to determine the provisions of its contracts. Regulation is often a substitute for competition.

Agencies Exercise Their Quasi-Legislative Power by Issuing Rules and Regulations