When the awarding of a prize is based on a socially unproductive activity,the result is

Question

Quizplus · Accepted Answer

Rent-seeking is when individuals or groups compete for economic gain through activities that do not create any social benefit. If a prize is awarded based on such an activity, it can lead to rent-seeking behavior among participants. The winner may be the one who is the most efficient rent-seeker, rather than having any real skills or value to offer.

When the Awarding of a Prize Is Based on a Socially