Farmers lobbying the government for agricultural price supports are engaging in rent-seeking behavior.

Question

Quizplus · Accepted Answer

Rent-seeking behavior refers to activities aimed at increasing one's share of existing wealth without creating new wealth, such as lobbying the government for special benefits like agricultural price supports, which do not contribute to economic growth but benefit the lobbyists at the expense of others.

Farmers Lobbying the Government for Agricultural Price Supports Are Engaging