Rent seeking is the act of obtaining special treatment by ________ to create ________
A) a monopoly; consumer surplus
B) the government; economic profit
C) consumers; a monopoly
D) the government; consumer surplus
E) competitive producers; a monopoly
B
Economics
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Pick the false statement
A) It is possible for economic profit to be equal to accounting profit. B) It is possible for economic profit to be greater than accounting profit. C) It is possible for economic profit to be less than accounting profit. D) Economic profit can only occur under conditions of uncertainty.
Economics
Governments and legislatures can erect barriers to entry. Which of the following would NOT be one of them?
A) licenses B) tariffs C) Patentsp D) laws that ensure property rights
Economics