Problems-
1. Which of the following activities is not rent-seeking behavior?
A) lobbying government to protect a monopoly position
B) arguing for free trade among nations
C) extending patents
D) lobbying Congress for tariff protection to reduce foreign competition
2. When new firms enter a competitive market:
A) it will cause an increase in demand.
B) it will cause an increase in supply.
C) it will cause a decrease in demand.
D) it will cause a decrease in supply.
Additional Information-
These multiple choice problems are belong to Economics. The first problem is about what is not rent-seeking behavior and the second problem is about what happens when new firms enter a competitive market.