What is rent seeking and how does it differ from the kinds of profit maximization and profit
Question:
What is rent seeking and how does it differ from the kinds of profit maximization and profit seeking that we discussed in previous chapters? Provide an actual or hypothetical example of rent seeking by firms in an industry. By a union. By a professional association (for example, physicians, school teachers, or lawyers). Why do elected officials often accommodate rent-seeking behavior, particularly by firms, unions, and professional groups located in their home states?
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Rentseeking is an appeal to the government for special benefits at taxpayers or someone elses expens...View the full answer
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Related Book For 
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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