1. Define rent seeking. Do firms have a greater incentive to engage in rent-seeking behavior when demand is elastic or when it is inelastic?
2. What is the general rule of political economy? Give an example from the real world.
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1. Define rent seeking. Do firms have a greater incentive to engage in rent-seeking behavior when demand is elastic or when it is inelastic?
2. What is the general rule of political economy? Give an example from the real world.