Competition; Consumer Affairs and Price Control; Consumer regulatory framework; Consumer welfare; Pacific Island countries Brief DefinitionsMonopolya business that does not have a competitor.Externalitiesthe costs associated with the production and consumption but are not captured in the market price.Public interest theoryunrestricted markets lead to failure; government is capable of correcting these failures through regulations; regulators intervene to protect public interests from malpractices and misconduct in the marketplace.Private interest theoryregulations only benefit certain effective groups in the society; wealth is maximized toward some effective group in the society.Economic theory of regulationregulations aim to achieve special interest of the powerful interest groups rather than upholding the public interest.Capture theoryregulators are captured by the regulated private businesses with the intention of gaining a favor from the regulated businesses in the future.Political theorythere are cases where the noneconomic interest groups may capture the regulator.
Competition; Consumer Affairs and Price Control; Consumer regulatory framework; Consumer welfare; Pacific Island countries Brief DefinitionsMonopolya business that does not have a competitor.Externalitiesthe costs associated with the production and consumption but are not captured in the market price.Public interest theoryunrestricted markets lead to failure; government is capable of correcting these failures through regulations; regulators intervene to protect public interests from malpractices and misconduct in the marketplace.Private interest theoryregulations only benefit certain effective groups in the society; wealth is maximized toward some effective group in the society.Economic theory of regulationregulations aim to achieve special interest of the powerful interest groups rather than upholding the public interest.Capture theoryregulators are captured by the regulated private businesses with the intention of gaining a favor from the regulated businesses in the future.Political theorythere are cases where the noneconomic interest groups may capture the regulator.
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