Firms will engage in which of the following? a. Rent seeking behavior and not profit seeking...
Firms will engage in which of the following?
| a. | Rent seeking behavior and not profit seeking behavior | b. | Profit seeking behavior only |
|---|---|---|---|
| c. | Neither profit seeking or rent seeking behavior | d. | Both profit seeking and rent seeking behavior |
Homework Answers
Correct Answer:
D
Firms act to earn profit when they produce goods and services and sell to the consumers. But, at the same time, they try to prohibit other firms from entering into the market. It is a rent seeking behavior, performed by the firms. It happens via patent, copyrights and other restrictions.
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Firms will engage in which of the following?
a.
Rent seeking behavior and not profit seeking...
17) The term "rent seeking" best describes a situation in which: A) firms use resources to...
17) The term "rent seeking" best describes a situation in which: A) firms use resources to secure or preserve a monopoly in providing a good or service. B) consumers compete for a limited quantity of the good. C) individuals expend effort searching for a good price on an apartment. D) None of the above are good descriptions of rent-seeking behavior.
a. Rent seeking is charging higher rents for properties in high demand. an appeal to the...
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Are policymakers susceptible to rent-seeking behavior? Explain. Rent-seeking behavior O A. may succeed when logrolling is...
Are policymakers susceptible to rent-seeking behavior? Explain. Rent-seeking behavior O A. may succeed when logrolling is not permissable. OB. may succeed when many voters are rationally ignorant. O C. does not succeed because government failure may reduce economic efficiency. OD. does not succeed because policymakers are subject to regulatory capture. O E. does not succeed because policymakers are not allowed to accept campaign contributions from firms seeking special interest legislation.
Are policymakers susceptible to rent-seeking behavior? Explain. Rent-seeking behavior O A. does not succeed because policymakers...
Are policymakers susceptible to rent-seeking behavior? Explain. Rent-seeking behavior O A. does not succeed because policymakers are not allowed to accept campaign contributions from firms seeking special interest legislation. O B. does not succeed because government failure may reduce economic efficiency. OC. may succeed when logrolling is not permissable. OD. does not succeed because policymakers are subject to regulatory capture. O E. may succeed when many voters are rationally ignorant. Click to select your answer
Which of the following is not relevant in determining whether an activity is profit seeking or...
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1. Consider a rent seeking environment involving a monopoly and consumers. The normal outcome is that...
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17) The term "rent seeking" best describes a situation in which: A) firms use resources to secure or preserve a monopoly in providing a good or service. B) consumers compete for a limited quantity of the good. C) individuals expend effort searching for a good price on an apartment. D) None of the above are good descriptions of rent-seeking behavior.
Are policymakers susceptible to rent-seeking behavior? Explain. Rent-seeking behavior O A. may succeed when logrolling is not permissable. OB. may succeed when many voters are rationally ignorant. O C. does not succeed because government failure may reduce economic efficiency. OD. does not succeed because policymakers are subject to regulatory capture. O E. does not succeed because policymakers are not allowed to accept campaign contributions from firms seeking special interest legislation.
Are policymakers susceptible to rent-seeking behavior? Explain. Rent-seeking behavior O A. does not succeed because policymakers are not allowed to accept campaign contributions from firms seeking special interest legislation. O B. does not succeed because government failure may reduce economic efficiency. OC. may succeed when logrolling is not permissable. OD. does not succeed because policymakers are subject to regulatory capture. O E. may succeed when many voters are rationally ignorant. Click to select your answer
Which of the following is not relevant in determining whether an activity is profit seeking or a hobby? a. Whether the activity is enjoyed by the taxpayer. b. The expertise of the taxpayers or their advisers. c. The time and effort expended. d. The relationship of profits earned and losses incurred. e. All of these are relevant factors.
9 Firms that exhibit price-taking behavior a wait for other firms to set price, take it as given, and charge a higher price. b have outputs that are too small to infuence market price and thus take it as given. c take pricing behavior in their own hands. d are independently capable of setting price. 10 The short run is a a period of time in which at least one input cannot be varied b when firms are stuck with...
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