Which of the following correctly defines the phenomenon of rent seeking ........

Economic Affairs Housing

Which of the following correctly defines the phenomenon of rent-seeking?

Seeking to gain added wealth without any equivalent contribution of productivity.

Charging high rent from tenants without any legal agreement.

Extraction of high rates of interest from tenant farmers irrespective of a low agricultural output.

Refers to high import duties imposed by certain countries on a specific list of goods.

Rent seeking is an economic concept that occurs when an entity seeks to gain wealth without any reciprocal contribution of productivity.

The term rent in rent seeking is based on the economic definition of “rent,” which is defined as economic wealth obtained through shrewd or potentially manipulative use of resources.
An example of rent seeking is when a company lobbies the government for grants, subsidies, or tariff protection.

Hence option 1st is correct.