One need only look at the license transfer situation for SBC and Ameritech. In contrast, universal service is not an area of efficiency regulation but one of equity regulation. The Telecommunications Act of 1996 requires universal service in high cost areas. Absent FCC regulation, this program might not exist. But universal service need not hinder competition, and an appropriately structured program would not.
Competition is the ultimate market structure.
It is both efficient and equitable. The proper role of regulation, in addition to following the law as it is written, is not to harm or to preclude competition. I will summarize competition with seven characteristics. Others may have been chosen, and some of these deleted. My main emphasis here is not an exhaustive and comprehensive definition, but rather a definition that helps illustrate what, if anything, a government regulatory agency has to contribute.