If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect a.competition to force producers to pass the lower production costs on to consumers in the long run. b.the firms in the industry to make long-run economic profit. c.the market price of the products of this industry to decrease in the short run but not in the long run. d.the demand for the products of this industry to increase.
If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect a.competition to force producers to pass the lower production costs on to consumers in the long run. b.the firms in the industry to make long-run economic profit. c.the market price of the products of this industry to decrease in the short run but not in the long run. d.the demand for the products of this industry to increase.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter11: Marketing And Distribution
Section: Chapter Questions
Problem 20AA
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If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect
a.
competition to force producers to pass the lower production costs on to consumers in the long run.
b.
the firms in the industry to make long-run economic profit.
c.
the market price of the products of this industry to decrease in the short run but not in the long run.
d.
the demand for the products of this industry to increase.
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