Final answer:
A regulatory agency is responsible for imposing restrictions and obligations on the private sector to protect public interests. It ensures companies follow laws for the common good, focusing on benefits that are broadly distributed across society.
Step-by-step explanation:
A bureau charged with putting restrictions and obligations on individuals or corporations in the private sector is called a regulatory agency. These agencies are essential for overseeing various aspects of private sector activity, ensuring that companies adhere to set laws and regulations meant to protect public interests, such as health, safety, and the environment. An example of a regulatory agency is the Federal Communications Commission (FCC), which regulates radio and television to prevent monopolies and protect public welfare.
Regulatory policy is characterized by its ability to impose concentrated costs on certain groups or individuals, while the benefits are distributed more broadly across society. This type of policy is crucial for managing public resources and preventing harmful corporate practices such as environmental pollution or the sale of unsafe products.