Question

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

Answer 1

Answer: competition would force producers to pass the lower production costs on to consumers in the long run

Explanation:

Occupational safety law deals with the health and safety of workers at their workplace and safety for activities outside of work. It is the function of employers to take care of their employees safety.

In a case whereby the occupational safety laws are changed so that the firms will no longer take expensive steps in order to meet regulatory requirements, there would be more competition which would lead to reduction on prices as a result of lower production cost which would be eventually passed from the producers to the consumers in the long run.