One of the primary achievements of the Uruguay Round of GATT negotiations was the:
A. Elimination of import quotas
B. Creation of a worldwide free trade zone
C. Establishment of the World Trade Organization (WTO)
D. Establishment of equal, nondiscriminatory treatment for all members
C. Establishment of the World Trade Organization (WTO)
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What is any factor that makes it difficult for a new firm to enter a market referred to as?
(A) A sustainable cost. (B) A commodity. (C) Perfect competition. (D) A barrier to entry.
You offer an extended warranty for your product that is purchased by a few customers. If the product typically fails 2% of the time,
a. you should price the warranty at less than 2% of the product price b. you should price the warranty at exactly 2% of the product price c. you should price the warranty at more than 2% of the product price d. Cannot tell from this information