Asked by
Madison Gonzalez
on Nov 27, 2024Verified
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.
Rent-seeking
The practice of gaining economic advantage by manipulating the social or political environment in which economic activities occur, instead of by creating new wealth.
Patent Protection
A legal right granted by the government to an inventor, giving them the exclusive right to make, use, or sell their invention for a certain period.
- Discuss the economic implications of rent-seeking behavior by monopolies.
Verified Answer
CM
Learning Objectives
- Discuss the economic implications of rent-seeking behavior by monopolies.