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Firms and countries must play by the rules of the game. However, institutions are not static. Examples such as the introduction of the euro in

Firms and countries must play by the "rules of the game." However, institutions are not static. Examples such as the introduction of the euro in the European Union and the 2016 Brexit vote in Britain are examples of which concept related to formal institutions?

a. Geopolitics
b. Institutional work
c. Institutional transitions
d. Transitional economies

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