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  Goods that are produced today in order to make other valuable goods and services in the future are called ________ goods.  

  A graph that shows the maximum attainable combinations of two goods when society efficiently uses its productive resources is called  

  Because a product’s demand for an input for its production depends on the decision to produce this product, it is called a(n) __________ demand.  

  The Organization of Petroleum Exporting Countries (OPEC) is considered a cartel by economists because the  

Which of the following would be found on the income statement?

  Assume that the market for chairs consists of only three individuals: Huey, Dewey, and Louie. Here are their demand schedules: Price Huey’s Demand Dewey’s Demand Louie’s Demand $1 6 4 2 $2 5 4 1 $3 4 3 1 $4 3 3 0 $5 2 2 0 $6 1 2 0 From the information in the demand schedules, answer the following questions:a. If the price of a chair were $2, how many chairs would be sold?b. If the price of a chair were $5, how many chairs would be sold?c. Construct the market demand schedule for chairs.  

  Consider a market in which the market demand is given by the equation QD = 44 – 3P and market supply is given by the equation QS = 2P + 4. What is the market equilibrium quantity?  

What could you improve upon? In other words, what information was missing from your response in comparison to the key? You MUST take the time to carefully review the key and list SPECIFICALLY below what was missing OR incorrect in your original response. If your response to this questions is incomplete, you may not be awarded full credit for this activity, so be sure to check your work against the key carefully! If you included something in your response that is OK/appropriate but not on the key, or if you’re not sure if it’s correct, it is OK to indicate that here as well (it’s recommended to discuss with a lab instructor during lab if you are unsure!).

  A positive statement  

  When one producer has a comparative advantage in production, he or she