Related to the Economics in Practice on Page 205: the Price

question 47

Multiple Choice

Related to the Economics in Practice on page 205: The price of hot dogs sold from a cart in New York's Central Park is much higher than the standard price elsewhere in New York. Which of the following, if true, would provide the best explanation for this difference?

• A) Only licensed vendors may sell hot dogs from a cart, and the price of that license is higher for sales in Central Park than it is for sales elsewhere in New York.
• B) The standard price of hot dogs in New York is higher than the standard price of hot dogs in other cities.
• C) In Central Park, prices for hamburgers and other foods are typically higher than they are outside of Central Park.
• D) Almost all hot dog vendors sell essentially the same product: a standard quality-certified hot dog and two varieties of mustard.

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Definitions:

Imprinting

An innate form of learning within a critical period early in an animal's life where it forms attachments and recognizes certain stimuli as essential.

Insecure Attachment

A type of attachment characterized by fear, anxiety, or avoidance in relationships, stemming from inconsistent or negative early experiences with caregivers.

Critical Period

A specific time in an organism's development during which the organism is particularly sensitive to certain stimuli, making it easier for certain abilities or characteristics to develop.

Strange Situation

An experimental procedure devised by Ainsworth et al. to observe attachment relationships between a caregiver and child.