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Social regulation also requires firms to produce products in certain ways or with certain characteristics that are beneficial to these public interests.
Examples are the Food and Drug Administration’s requirement that firms selling food products must provide a label with specified information on its package and Department of Transportation’s requirement that automobiles be equipped with approved airbags.
In the United States, this type of regulation at the federal level has often been administered by independent commissions such as the Federal Communications Commission (FCC) or the Federal Energy Regulatory Commission (FERC).
This type of regulation can cause economic loss from the higher prices and inefficient operations that often occur when competition is restrained.
These costs generally appear in the cost for such rules.
Economic regulations: prohibit firms from charging prices or entering or exiting lines of business that might cause harm to the economic interests of other firms or economic groups.