Which of the statements best describes the difference between economic regulation and social regulation?

Question

Quizplus · Accepted Answer

Economic regulation primarily focuses on regulating prices and output in industries such as utilities, while social regulation focuses on improving the quality of life and safety in areas like the environment and consumer protection. Therefore, option B correctly describes the difference between economic and social regulation. Option A is incorrect as there are significant differences between the two forms of regulation. Option C is incorrect as the focus of economic regulation is price and output, not quality of life. Option D is incorrect as it represents an oversimplification of the regulation targets of economic regulation.

Which of the Statements Best Describes the Difference Between Economic