Rent-seeking behavior refers to
a. the offering of goods on a for-rent rather than for-sale basis.
b. profit maximization by producers.
c. unproductive activity in the pursuit of economic profit.
d. illegal manipulation of prices.
c
You might also like to view...
Other things equal, if Mexico devotes more resources to train its population than Spain,
A) Mexico will be able to eliminate scarcity faster than Spain. B) Mexico will grow faster than Spain. C) Mexico will be able to eliminate opportunity cost faster than Spain. D) Mexico will have more current consumption than Spain. E) Spain will grow faster than Mexico.
Improvements in the productivity of labor will tend to: a. increase the supply of labor. b. increase wages
c. decrease the supply of labor. d. decrease wages.
In the short run, profit maximization typically occurs where total revenue is at its maximum
a. True b. False
Refer to Figure 23.1 for a perfectly competitive firm. This firm should shut down in the short run if the market price is below
A. $20. B. $10. C. $5. D. $15.