Assume 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:

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Rent-seeking occurs when individuals or groups use their resources to try to obtain economic gain from others without creating any new wealth. In this case, the owners of the gambling casino are using their resources (i.e. money spent on lobbying) to try to preserve their monopoly position even though it may not be in the best interest of consumers or the economy as a whole.

Assume the Owners of the Only Gambling Casino in Wisconsin