Microeconomics
Microeconomics
Rent seeking is individually rational but socially wasteful. Explain.
The condition in which monopoly firm occurs loss.
Individual actions to redistributing income from others to themselves are known as rent seeking. A monopoly firm tries to reallocate income in the form of consumer surplus from buyers to itself. This would mean that the rent seeking is profitable to the monopolist, while from a social viewpoint, it is wasteful...
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