A city council passes a new ordinance requiring all street food vendors to operate only in designated, commercially-zoned areas, which are limited in number and require a costly permit. Before this rule, vendors could set up in most public parks and neighborhood streets. How does this new ordinance, acting as an economic 'rule of the game', affect a potential new food vendor's set of feasible choices?

Comparing Institutional Constraints on Farmers

Land Use in a Farming Community

Academic Honor Code as an Institutional Constraint

A country's government removes all tariffs and quotas on imported textiles. According to the principle that institutions constrain feasible choices, this policy change expands the feasible set of choices for domestic clothing manufacturers who rely on imported textiles.

Match each institutional rule with the primary way it constrains the feasible choices of the economic actors involved.

A small community relies on a shared lake for fishing. Analyze the following events and arrange them in the logical order that demonstrates how an institution is introduced to constrain feasible choices.

A software company previously allowed its developers to choose their own working hours as long as they completed their weekly tasks. The company then implements a new mandatory policy requiring all developers to be online and available between 9:00 AM and 5:00 PM local time. This new policy, acting as an institutional rule, narrows the developers' __________ of work schedules.

Pharmaceutical Patents and Market Entry

Evaluating Institutional Frameworks for Public Resource Allocation

Influence of Institutions on the Distribution, Fairness, and Efficiency of Economic Outcomes