The market for hot dogs on the streets of New York City can be considered close to a perfectly competitive market.Because there are so many individuals buying and selling hot dogs:

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In a perfectly competitive market, market forces set the price based on supply and demand. Since there are many individuals buying and selling hot dogs on the streets of New York City, this market can be considered close to a perfectly competitive market. Therefore, the price of hot dogs is determined by market forces rather than individual firms, and there is no shortage or surplus of hot dogs. Economic profits are likely to be small or non-existent due to competition, so option D and E can be eliminated.

The Market for Hot Dogs on the Streets of New