Assume that the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as

Question

Quizplus · Accepted Answer

Economists refer to the expenditures made by businesses to secure and protect monopolies or other advantageous market positions as "rent-seeking." This includes lobbying efforts to influence government policy or regulations in a way that benefits the business, such as protecting a gambling monopoly.

Assume That the Owners of the Only Gambling Casino in Wisconsin