Question

Which one of the following is NOT one of the benefits of self-regulation? Select one: a. Less expensive b. Practical and realistic guidelines c. Reduces need to expand government bureaucracy d. Easy for associations to enforce guidelines e. All 4 of the listed benefits are correct

Answer 1

Answer:

Option E.

All 4 of the listed benefits are correct

Explanation:

Self-regulation in business is a practice whereby businesses come together to set standards and guidelines for themselves and any other new business that are coming into the industry.

All the options are correct when we are talking about the benefits of self-regulation

A. It is less expensive when businesses self regulate since they would set standards and prices that favour themselves rather than when those regulations are out in place by external bodies.

B. The guidelines set by the businesses are practical and realistic as they will only agree on what will work out well for themselves

C. Since the bodies can regulate their industrial activities themselves, there is no need for the government to step in.

D. It is relatively easier for the associations to enforce the guidelines since they are all in the same industry and they belong to the same association.