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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A recent study examined the intended travel destinations for a sample of 100 residents from Grand Rapids,Michigan.The respondents indicated the likely destination of their next vacation.The results of this survey are as follows: 8% were contemplating an international trip,16% were considering Florida,30% said they would go to California,36% thought they would go somewhere within Michigan,and the remaining 10% were looking at some other destination.
-Construct a pie chart to show this information.
Collective Goods
Goods that are non-excludable and non-rivalrous, meaning that their consumption by one individual does not reduce availability to others and people cannot be effectively excluded from using them.
Private Producer
An individual or company that produces goods or services in the private sector, usually with the goal of making a profit.
Unregulated Market
A market where operations are conducted without oversight by governmental regulations or interventions.
Product Variety
The assortment or range of different products or goods that are available in the market or produced by a company.
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