Competition is the great regulator. this statement reflects that a. when competition is present, businesses have a strong incentive to serve the general public and therefore there is little need for regulation of competitive markets. b. government regulation is the key ingredient of competitive markets and therefore markets cannot be competitive without regulation. c. extensive regulation is needed to assure that businesses will treat consumers properly and serve the interests of the general public. d. when markets are regulated by the government, there is no need for competition among business firms.