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.
d
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When an economy produces at its allocatively efficient production point
A) scarcity is not a problem. B) resources are not limited. C) a society can increase the production of all goods. D) a society can increase the production of one good only by decreasing the production of some other good that is valued more highly.
Most economists believe the short-term labor supply curve is ______.
a. elastic compared to demand b. inelastic compared to demand c. highly responsive to taxes d. highly responsive to wages