Final answer:
Perceived fairness, high administrative costs, distorted incentives in the price system, and abuse and misuse are problems associated with government regulation.
Step-by-step explanation:
Perceived fairness, high administrative costs, distorted incentives in the price system, and abuse and misuse are all problems that are associated with government regulation.
Perceived fairness refers to the public's perception that government regulations may be biased or unjust. High administrative costs are incurred in implementing and enforcing regulations, which can be a burden on businesses and consumers. Distorted incentives in the price system occur when regulations interfere with the natural supply and demand dynamics of markets, leading to inefficiencies and market distortions. Abuse and misuse refer to situations where government regulations are exploited or not effectively enforced.
Overall, government actions can have both positive and negative impacts on the economy, and it is important to carefully consider the strengths and weaknesses of government regulation in addressing market problems.