Does a vehicle prepared to enter a traffic circle or roundabout have the right-of-way over the vehicles in the circle?

Yes.
Only if the light is green.
No. Vehicles already in the circle have the right-of-way.
Yes, but only if they are entering the rotary from the right lane.
Explanation

When approaching a roundabout, drivers must slow down and prepare to stop if they cannot find a gap in the flow of traffic. Vehicles already inside the roundabout have the right-of-way and do not need to yield. Drivers entering the roundabout must yield to those already circulating.

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