When a Rent-Seeking Equilibrium Is Reached,the

question 215

Multiple Choice

When a rent-seeking equilibrium is reached,the

• A) economic profit is maximized.
• B) economic profit is eliminated by legislation.
• C) economic profit is eliminated.
• D) consumer surplus is greater than without rent seeking.
• E) consumer surplus is eliminated.

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Definitions:

Corporate Theft

Corporate theft refers to the illegal taking of a company's assets, either by individuals within the organization or by external parties, for personal gain.

Extinction Procedure

A behavioral psychology technique involving the discontinuation of reinforcements for a certain behavior, leading to its reduction or elimination.

Reinforced

Strengthened or made more effective through added support, material, or structure.

Eliminated

Refers to the removal or deletion of something, making it no longer present or effective.