If Occupational Safety Laws Were Changed So That Firms No

question 212

Multiple Choice

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.

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Definitions:

Behaviour Modification

Behaviour modification involves using psychological techniques to change and improve individuals' behavior patterns, often by reinforcing desirable behaviors and reducing unwanted ones.

Specific Overt Behaviour

Observable actions or responses in individuals that can be explicitly identified and measured.

Personality Trait

Enduring characteristics or qualities that define an individual's behavior across different situations and time.

Self-Induced

Generated or caused by one's own actions or decisions.