Water is cheap and diamonds are expensive because water has a ________, and diamonds have a ________.
A) low total utility; high total utility
B) low marginal utility; high marginal utility
C) high marginal utility; low marginal utility
D) low marginal utility and a low total utility; high marginal utility and a high total utility
Correct Answer:
Verified
Q267: With respect to water and diamonds, water
A)
Q268: The paradox of value is illustrated by
Q269: Sub sandwiches Mountain Dew Q270: The water and diamonds paradox of value Q271: Andy spends $30 a week on movies Q273: Betty consumes only milkshakes and sandwiches and Q274: Sue consumes only sub sandwiches and Mountain Q275: The water and diamonds paradox of value Q276: The paradox of value can be resolved Q277: Water has a _ marginal utility and
A)
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