What is the main difference between economic regulation and ...

[casperchen82]

What is the main difference between economic regulation and social regulation?
 
  What will be an ideal response?

Question 2

Refer to the above figure. If a price floor of 3 was set
 
  A) the quantity sold would be 80 units.
  B) there would be a surplus of 40 units.
  C) there would be a shortage of 40 units.
  D) there would be a shortage of 20 units.

[Dunkey]

Answer to Question 1

Economic regulation involves only particular industries, including policies aiming at controlling prices or influencing the characteristics of specific products. In contrast, social regulation applies to all firms in the economy and aims at improving the quality of life by, for example, regulating product safety, advertising and environmental effects.

Answer to Question 2

A

[casperchen82]

Thanks for the timely response, appreciate it

[steff9894]

Gracias!