What do economists mean by “rent seeking” among producers?
a. leasing space to foreign producers who want to house imported goods
b. efforts to gain profits from government tariffs and import quotas
c. investments in foreign companies holding licenses to import goods
d. lobbying to keep foreign competition out of the domestic market
b. efforts to gain profits from government tariffs and import quotas
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You are considering buying a store. In order to better access your return on the investment, you must ask the storeowner for the figures on days when
a. Sales are high, costs are low b. Sales are low, costs are high c. Both sales and costs are high d. All of the above
All of the following are sources of increasing returns and economies of scale except:
A. network effects. B. the multiplier effect. C. learning by doing. D. simultaneous consumption.