The Assumption of Public Choice Models Is That Every Individual

question 14

True/False

The assumption of public choice models is that every individual, including individuals in government, acts in his or her own self-interest.

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Definitions:

Highly Regulated

Refers to sectors or activities governed by a comprehensive set of rules, standards, and supervision to ensure compliance and safeguard interests.

Internal Labor Markets

Employment systems within a company or organization where workers are hired and promoted based on criteria established internally rather than competing in an external job market.

Labor Market Shelters

Describes economic sectors or employment practices that protect workers from the harshness of the market, often through regulation or unionization.

Senior Personnel

Individuals who hold high-ranking positions within an organization, typically involved in decision-making processes and strategic planning.