A firm will enter a competitive market when
A) it can gather market share at the expense of incumbent firms.
B) it would not be the last firm entering.
C) it can earn a positive long-run profit.
D) the long-run supply curve is upward sloping.
C
Economics
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Under the Bretton Woods exchange rate system, the U.S. government agreed to buy or sell gold at a fixed price of ________ per ounce
A) $1 B) $35 C) $100 D) $400
Economics
The prisoners' dilemma is a game in which
A) the dominant strategy for all participants is to choose a strategy that makes them all worse off. B) the dominant strategy is to cooperate. C) only one of the firms is able to make above-normal profits. D) each firm, in making decisions on the basis of its own self-interest, also makes decisions that benefit the group as a whole.
Economics