Question
Why is it essential for the government to regulate the fee structure in educational institutions?

Answer

Education results in external benefits that have a long term impact. Any harm done due to lack of proper educational facilities is irreversible.
 Moreover, individuals want to invest in education with the objective of increasing their earning potential in future but lack proper information about the quality of services and their costs. This situation can be misused by the providers of education who might acquire monopoly, power and control.
It is, thus, essential for the government to regulate the fee structure in educational institutions.

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