The use of government to supplant market outcomes is called

Question

Quizplus · Accepted Answer

Rent seeking is the use of government to create market inefficiencies or to gain an unfair advantage over competitors. It typically involves lobbying for government regulations or subsidies that benefit a particular industry or group at the expense of other groups or the overall economy. Market failure refers to situations where the market fails to allocate resources efficiently, free riding occurs when individuals benefit from a public good without contributing to its production, and efficiency is the optimal use of resources to achieve a given objective.

The Use of Government to Supplant Market Outcomes Is Called