Government controls of price, output, entry of new firms, and quality of service in industries where monopoly appears desirable are known as economic regulation.
The economics of regulation is known as regulatory economics. It is the application of legislation by government or regulatory bodies for a variety of goals, such as market failure, environmental protection, and economic management.
The goal of economic regulation is to construct a system of incentives and penalties that try to imitate the outcomes of competition in terms of consumer pricing, quality, and investment, and it prioritizes consumer protection.
Common instances of regulation include environmental pollution restrictions, laws banning child labor or other employment rules, minimum wage laws, regulations requiring accurate labeling of food and medicine ingredients, and food and drug safety regulations establishing minimum testing standards.
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