When resources are used to secure monopoly rights through the political process
A) firms are rent seeking.
B) consumers are profit maximizing.
C) total surplus is maximized.
D) the government is deregulating.
E) prices decrease.

Question

Quizplus · Accepted Answer

Rent seeking occurs when resources are used to secure monopoly rights through the political process. This behavior is detrimental to the economy as it diverts resources away from productive activities, resulting in inefficiencies and higher prices for consumers.

When Resources Are Used to Secure Monopoly Rights Through the Political