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Microecon exam 1 review.docx - 1. What are the four factors...

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1.What are the four factors of production?
2.What is any point along the PPC considered? Inside? Outside?
3.Which side (S or D) utilizes the factors of production to make goods andservices? Which side provides them?
4.What does the Law of Demand state?
5.What could break this law (so that P goes up and Qd goes up)? Hint: what wouldhave to happen to the price of the other (substitute) goods?
6.What is held constant as you move along the demand curve?

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Term
Fall
Professor
Gloria Pray

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