Areas of Vice Are Referred to as "Red Light Districts

question 72

Multiple Choice

Areas of vice are referred to as "red light districts" in reference to ______.

• A) the tendency for most action in these areas to begin at dusk
• B) the flashing lights of police cars
• C) the signal lanterns of railroad construction workers
• D) traffic lights

---

Definitions:

Perfect Competitor

A market participant that cannot influence the market price and must take it as given because the market is perfectly competitive.

Short Run

A period in economic theory during which at least one input, such as plant size or the number of firms in the industry, is fixed and cannot be changed.

Perfect Competitor

A theoretical market structure in which many firms sell an identical product, and no single buyer or seller can influence the market price.

Perfectly Competitive Industry

A market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller can affect the market price.