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Borodin et al. (Algorithmica 37(4):295–326, 2003) gave a model of greedy-like algorithms for scheduling problems and Angelopoulos and Borodin (Algorithmica 40(4):271–291, 2004) extended their work to facility location and set cover problems. We generalize their model to include other optimization problems, and apply the generalized framework to graph problems. Our goal is to define an abstract model that captures the intrinsic power and limitations of greedy algorithms for various graph optimization problems, as Borodin et al. (Algorithmica 37(4):295–326, 2003) did for scheduling. We prove bounds on the approximation ratio achievable by such algorithms for basic graph problems such as shortest path, weighted vertex cover, Steiner tree, and independent set. For example, we show that, for the shortest path problem, no algorithm in the FIXED priority model can achieve any approximation ratio (even one dependent on the graph size), but the well-known Dijkstra’s algorithm is an optimal ADAPTIVE priority algorithm. We also prove that the approximation ratio for weighted vertex cover achievable by ADAPTIVE priority algorithms is exactly 2. Here, a new lower bound matches the known upper bounds (Johnson in J. Comput. Syst. Sci. 9(3):256–278, 1974). We give a number of other lower bounds for priority algorithms, as well as a new approximation algorithm for minimum Steiner tree problem with weights in the interval [1,2].