The taxi industry in many cities has lobbied politicians to increase driver requirements for ride-sharing companies such as Uber in order for them to operate legally. The money spent by the taxi industry for this purpose demonstrates

Question

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The money spent by the taxi industry to lobby politicians for increased driver requirements for ride-sharing companies is an example of rent-seeking. Rent-seeking occurs when a company, organization, or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation. In this case, the taxi industry is attempting to secure a regulatory advantage that would limit competition, rather than improving their own services or competing on merit.

The Taxi Industry in Many Cities Has Lobbied Politicians to Increase