M7 b. Suppose the farmers spend $530,000 in their lobbying etforts but have no cttect on government policy. What is the cost to society of the rent secking?The cost to society of the rent seeking isA. S0 as no "common" money have been spent on the lobbying.B. $530,000 of resources that is wastedC. more than $530,000 due to the costs of the distortions created in societyOD. undetermined in this situation.O O O

The rent seeking activities tend to reduce the competition in the market and such activities create…

b. Suppose the tarmers spend $530,000 in thoir lobbying offorts but havo no offect on governmont policy. What is the cost to society of the ront sooking? The cost to society of the rent sooking is O A. S0 as no "common" money have been spent on the lobbying. B. $530,000 of resources that is wasted C. more than $530,000 due to the costs of the distortions crented in society D. undetermined in this situation.