1. The state of Maine faced pressure to regulate the nail industry. As labor regulators fined nail salons for their labor practices, which of the following do you think occurred as a consequence of regulation?
2. (True/False)Consumer prices increased.
3. (True/False) In the long run, firms in the industry earned negative profits.
4. (True/False) New firms entered.
5. (True/False) Fewer manicurists were ultimately employed in the industry.