Rent seekers are those who seek to
a. use the government to protect their existing property interests
b. use the government to change the rules of the market game in their favor
c. convert public land into private land
d. convert public resources into private resources
e. maximize their own private gains from trade
B
Economics
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Refer to the scenario above. In equilibrium, Beth's payoff is ________
A) $10 B) $0 C) $20 D) $50
Economics
Refer to the scenario above. If they are the only bidders in the auction and each bidder bids up to his value for the good, the winner will earn a surplus of ________
A) $500 B) $625 C) $125 D) $150
Economics