The Two Basic Types of Government Regulation Are

question 76

Multiple Choice

The two basic types of government regulation are

• A) regulation of natural monopolies and regulation of cartels.
• B) economic regulation and industry regulation.
• C) social regulation and labor law.
• D) social regulation and economic regulation.

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Definitions:

Economic Gains

Increases in economic welfare, often measured by improvements in income, production, or satisfaction levels.

Salsa Manufacturers

Companies or entities involved in the production and distribution of salsa, a type of spicy sauce.

Law of Supply

The economic principle stating that as the price of a good increases, the quantity supplied of the good also increases, ceteris paribus.

Law of Demand

An economic principle stating that as the price of a good or service decreases, the quantity demanded increases, and vice versa, holding other factors constant.