What was a secondary objective of the Bretton Woods system?
a. help defeat communism and promote peace
b. strengthen the concept of trade reciprocity
c. reinstate isolationist policy for the U.S.
d. establish the U.S. as economic hegemon
a. help defeat communism and promote peace
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The long-run price elasticity of demand for a good is usually larger than its short-run price elasticity because
a. as the saying goes, "out of sight, out of mind" b. more goods are demanded in the long run than in the short run c. people have more time to find substitute goods d. incomes tend to rise over time e. supply curves shift outward over time
When new entrants into a competitive market have higher costs than existing firms,
a. accounting profits will be the primary determinant of entry into the market. b. sunk costs become an important determinant of the short-run entry strategy. c. market price will rise. d. long-run supply is constant.