Procedural Norms Are Primarily Concerned with ________ a Particular Situation

question 22

Multiple Choice

Procedural norms are primarily concerned with ________ a particular situation.

• A)proper behavior by actors in
• B)the institutions that matter for
• C)which actors are considered to be legitimate actors for
• D)how decisions are made about
• E)how actions by actors are funded in

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Definitions:

Endowment Effect

The phenomenon where people ascribe more value to things merely because they own them, often leading to a discrepancy between buying and selling prices.

Raffle Prize

A reward given to the winner(s) of a raffle, which is a form of lottery or contest.

Neoclassical Economics

An economic theory that focuses on how consumers and producers make choices based on their preferences, constraints, and available resources, emphasizing the role of supply and demand in determining prices and allocation of resources.

Rational Self-Interest

The principle that individuals will make decisions that they perceive to be the most beneficial to themselves, taking into account all available information.