If occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect
A) the demand for the products of this industry to increase.
B) the market price of the products of this industry to decrease in the short run but not in the long run.
C) the firms in the industry to make long-run economic profit.
D) competition to force producers to pass the lower production costs on to consumers in the long run.

Question

Quizplus · Accepted Answer

In the long run, competition typically forces firms to pass on cost savings to consumers in the form of lower prices, as firms seek to maintain or increase their market share.

If Occupational Safety Laws Were Changed So That Firms No