Related to the Economics in Practice on Page 199: Licenses

question 158

Multiple Choice

Related to the Economics in Practice on page 199: Licenses to sell hot dogs in New York City's Central Park are considerably higher than the licenses to sell hot dogs in the rest of the city. Which of the following statements regarding the above information is true?

• A) Despite this, hot dogs are less expensive in New York's Central Park than in the rest of the city.
• B) Despite this, hot dogs sell for the same price in New York's Central Park as they do in the rest of the city because the hot dog market is perfectly competitive.
• C) Despite this, hot dogs sell for the same price in New York's Central Park as they do in the rest of the city because the city regulates the price of hot dogs.
• D) Due to this, hot dogs are more expensive in New York's Central Park than in the rest of the city.

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Definitions:

Olfactory Adaptation

The process by which the sense of smell becomes accustomed to a continuous or repetitive odor, leading to a decreased sensitivity to that odor.

Basal Cells

Cells found at the base of the epidermis and hair follicles, responsible for generating new skin cells and hair.

Olfactory Epithelium

The specialized tissue in the nasal cavity responsible for detecting odors.

Rods

Photoreceptor cells in the retina of the eye that are highly sensitive to light, making them crucial for vision in low light conditions.