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.
Chapter24: Perfect Competition
Section: Chapter Questions
Problem 7E
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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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