Asked by
shourya rathi
on Nov 05, 2024
Verified
Farmers lobbying the government for agricultural price supports are engaging in rent-seeking behavior.
Rent-seeking Behavior
Rent-seeking Behavior involves seeking to increase one's share of existing wealth without creating new wealth, often through manipulating the social or political environment.
Agricultural Price Supports
Government interventions to stabilize or increase agricultural commodity prices through various mechanisms such as subsidies or purchase commitments.
- Ascertain and explicate rent-seeking actions and their repercussions on the efficacy of economic systems.
Verified Answer
BD
Learning Objectives
- Ascertain and explicate rent-seeking actions and their repercussions on the efficacy of economic systems.
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