Any activity designed to transfer income or wealth to a particular individual or firm at society's expense is called:
A. Patent protection
B. X-inefficiency
C. Price discrimination
D. Rent-seeking
D. Rent-seeking
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The law that created the high level of tariffs in United States in the 1930s is
A) the GATT Act. B) the World Trade Act. C) the Smoot-Hawley Act. D) the Tariffs Agreement Act.
The kinked demand curve model of oligopoly explains why oligopoly
a. firms cannot maximize their profits b. firms do not lower prices to increase market share c. firms tend to increase price d. firms tend to decrease price to their minimum ATC e. tends to generate a higher economic profit than in any other market structure
Bank capital is
a. the machinery, structures, and equipment of the bank. b. the resources that owners have put into the bank. c. the reserves of the bank. d. the bank's total assets.
An advantage of a partnership is that they:
a. have unlimited life b. never fail due to disagreements c. can attract financial capital easier d. have limited liability