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Default Conditional Formatting

I am working with a value matrix in Excel 2007. Each category's response
field is set up as a data validation drop down menu. The person responding
clicks on the drop down and chooses good, fair, or bad to a particular
question
Can I use conditional formatting to change the color of the response
depending on whether the person chooses good, fair, or bad from the drop down
menu?

Thanks,

 
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