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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To achieve cost-effectiveness among options that satisfy the benefit objective
a. both PVB and PVC must be minimized b. PVB must be minimized and PVC must be maximized c. PVC must be minimized d. none of the above
The federal government in 2007 accounted for approximately _____ percent of all government spending
a. 15 b. 25 c. 40 d. 60 e. 85
The entry of new firms into a competitive industry will very likel
a. shift the short run industry supply curve to the right b. cause the market price to fall c. reduce the profits of firms in the industry d. cause the market quantity sold to rise e. all of the above
Figure 4-23
Refer to . In which market will the majority of the tax burden fall on the buyer?
a.
market (a)
b.
market (b)
c.
market (c)
d.
All of the above are correct.