Final answer:
A new business handling toxic waste, such as asbestos, will be significantly regulated regardless of size. Regulations cover treatment, storage, and disposal of waste, aiming to protect health and the environment while influencing business costs and practices.
Step-by-step explanation:
Dealing with toxic waste, such as asbestos, exposes a business to significant regulation, independent of the firm's size. Environmental protection laws, whether targeting air pollution, such as the emission of small particles, or managing hazardous waste, embody complex rules stipulating how waste must be treated, stored, and disposed of. These regulations aim to mitigate health risks and environmental damage, sometimes leading to increased costs for businesses and influencing global competitiveness.
Businesses, especially new ones, must navigate these regulations carefully. As seen in the examples of the European Union and California, new stricter environmental laws are put forward, which not only concern end-of-life recycling but also limit toxin levels in products. Firms must also consider potential loopholes and exceptions due to compromises in the political process during the creation of these laws.
However, the social costs of non-compliance or poor environmental practices can also be steep, including greater health problems amongst vulnerable communities and employees. These factors make the compliance with environmental regulation a complex, yet essential element for new businesses dealing with toxic substances.