Rent-seeking behavior, unlike profit-maximizing behavior in competitive markets, wastes society's scarce resources.

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Rent-seeking behavior refers to actions taken by individuals or firms to gain economic benefits through means other than by creating new wealth. This behavior can include lobbying for government subsidies or favors, attempting to limit competition, or seeking to influence regulations in one's favor. In contrast to profit-maximizing behavior, which typically incentivizes efficient use of resources, rent-seeking behavior can result in wasted resources as individuals or firms compete for a larger share of existing wealth without creating new value.

Rent-Seeking Behavior, Unlike Profit-Maximizing Behavior in Competitive Markets, Wastes Society's