The ________ states that things with the greatest value in use frequently have little or no value in exchange.
A) law of diminishing marginal utility
B) utility conundrum
C) diamond/water paradox
D) law of reverse exchange

Question

Quizplus · Accepted Answer

The diamond/water paradox, also known as the paradox of value, highlights the contradiction between the high utility or usefulness of water and its low price compared to diamonds, which have less utility but a much higher price. This paradox illustrates the difference between value in use and value in exchange.

The ________ States That Things with the Greatest Value in Use