Question: Refer to Problem 5. If Tom and Al could negotiate binding agreements with one another at no cost, which job would each choose? Suppose negotiation

Refer to Problem 5. If Tom and Al could negotiate binding agreements with one another at no cost, which job would each choose? Suppose negotiation is impractical, and that the only way Tom and Al can achieve greater workplace safety is for the government to adopt safety regulations. If enforcement of the regulations costs $25 per week, would Tom and Al favor their adoption?

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