When Lance Armstrong Confessed to Using Performance Enhancing Substances,many of His

question 22

Multiple Choice

When Lance Armstrong confessed to using performance enhancing substances,many of his fans condemned him as the embodiment of evil because they

• A)had spent excessive amounts of money on bicycles and cycling equipment.
• B)his actions contradicted their belief in the great sport myth.
• C)felt that he had also lied about having cancer.
• D)had resisted the use of illegal and prescription drugs in their own lives.

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Definitions:

Input

Resources such as labor, materials, and capital that are used in the production process to create goods and services.

Derived Demand

is the demand for a good or service that results from the demand for another good or service. For instance, the demand for steel is derived from the demand for cars.

Factors of Production

The resources of land, labor, capital, and entrepreneurial ability.

Final Goods

Products that have completed the manufacturing process and are ready to be used or consumed by the end-user.