A Policy in Which All Exit Doors for a Building

question 2

Multiple Choice

A policy in which all exit doors for a building stay unlocked during a fire is an example of what type of policy?

• A) fail-open
• B) fail-close
• C) fail-tolerant
• D) fail-oriented

Recognize the behavior of long-run supply curves in response to industry cost changes and market entry/exit.

Appreciate the role of competition in achieving efficient allocation of resources and consumer and producer surplus.

Understand the implications of market dynamics on resource allocation and industry supply in the long run.

Recognize the transformative impact of competition on societal welfare through innovation and efficiency.