Under which of the following circumstances might a gallon of water be more valuable than a flawless one carat diamond?
A) At a diamond shop next door to a clean public drinking fountain.
B) At a diamond shop next door to a typical grocery store selling bottled water.
C) In any U.S. city with safe, clean drinking water.
D) In a life raft with 8 passengers who have been adrift on a remote part of the Pacific Ocean for a week with few prospects of an immediate rescue.
Correct Answer:
Verified
Q17: The ability of a good to satisfy
Q18: Utility is defined as the:
A) sense of
Q19: The utility of a good is:
A) different
Q20: Which of the following statements is true
Q23: If water is essential for life, while
Q24: If total utility is falling, marginal utility
Q25: Which of the following is true about
Q26: Marginal utility (MU) equals:
A) P/Q.
B) Q/TU.
C) PQ/TU.
D)
Q27: Consumers tend to maximize:
A) marginal utility.
B) marginal
Q202: The fact that a gallon of gasoline
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