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so who gives the regulators their authority and funding?
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I don't know. I don't formulate business models for free-market regulators.
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what authority would they have?
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I don't know. Probably whatever authority those who are funding and patronizing them give to the regulators.
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how would they execute their authority?
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I don't know. See response #1.
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and why would regulators be needed if monopolies wouldn't exist in free markets?
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Needed? I don't know. They might *exist* if there's a market demand. I'm not sure what "need" means, though.
All sorts of voluntary industry regulatory bodies exist nowadays.
http://www.soa.org/
http://nfl.com/
http://www.oukosher.org/