The term "rent seeking" best describes a situation in which:
A. individuals expend effort searching for a good price on an apartment.
B. consumers compete for a limited quantity of the good.
C. firms use resources to secure or preserve a monopoly in providing a good or service.
D. None of these is a good description of rent-seeking behavior.
Answer: C
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The benefit that Jack receives from consuming a pack of french fries is 10 utils. He expects a future health cost of eating french fries at 20 utils
If Jack discounts delayed utils with a weight of 1/4, should he consume french fries? Explain your answer.
List the components of the expenditure approach to measuring GDP
What will be an ideal response?
What is the most important factor for Federal Reserve currency to be accepted as money?
A) its acceptance by businesses and households in the United States in exchange for goods and services B) its designation as legal tender by the federal government C) the willingness of the federal government to accept it in exchange for an equivalent amount of gold or silver coins D) the willingness of foreign businesses and banks to accept it in exchange for goods and services
Which of the following are examples of non-rival and exclusive goods?
a. public swimming pool b. golf course c. subways d. all of the above goods are non-rival and exclusive