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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the “race to the bottom” scenario?

To determine

The definition of ‘race to the bottom’ scenario.

Explanation

When the firms operate in more than one country, they are called multinationals. Multinationals have the goal of profit-making. Thus, when they look for other countries to expand their businesses, they look for countries where cost of production would be lower, and laws and regulations would be more lenient. Thus, profit-making firms would look for countries with lower environmental standards so that their costs decrease and profits increase...

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