In the following figure, the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation.Figure 14.2
In the figure,
D: Demand curve for automobiles
S 1 : Supply curve of automobiles prior to regulation
S 2 : Supply curve of automobiles after regulation
FG: Clean up cost per unit
-One difference between economic and social regulation is that economic regulation usually pertains to a specific industry, whereas social regulation applies to most if not all industries.

Question

In the following figure, the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation.Figure 14.2
  In the figure,
D: Demand curve for automobiles
S 1 : Supply curve of automobiles prior to regulation
S 2 : Supply curve of automobiles after regulation
FG: Clean up cost per unit
-One difference between economic and social regulation is that economic regulation usually pertains to a specific industry, whereas social regulation applies to most if not all industries.

Quizplus · Accepted Answer

Economic regulation typically targets a specific industry, while social regulation is broader in scope and may apply to multiple industries.

In the Following Figure, the First Panel Shows a Market