Which of the following statements best describes the difference between economic regulation and social regulation?
A)Economic regulation has little to do with price and output while social regulation explicitly deals with price and output.
B)Social regulation is concerned with directly redistributing wealth while economic regulation is concerned with accumulation of wealth.
C)Economic regulation is concerned with directly redistributing wealth while social regulation is concerned with accumulation of wealth.
D)Social regulation has historically targeted industries such as railroads and airlines while economic regulation has all the industries under its purview.
E)Economic regulation deals with price and output ,while social regulation deals with health and safety matters that apply across several industries.

Question

Quizplus · Accepted Answer

Economic regulation focuses on controlling and manipulating markets to ensure fair competition and preventing monopolies, while social regulation is concerned with protecting the public interest in areas such as health, safety, and the environment. Social regulation does not directly deal with price and output, while economic regulation does. Therefore, option E accurately describes the difference between the two.

Which of the Following Statements Best Describes the Difference Between