What is the general rule of political economy


Problem

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.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What is the general rule of political economy
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