The resolution of Adam Smith's diamond-water puzzle is based on the distinction between marginal and total utility.
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Q23: If the marginal net utility of beer
Q24: The real cost of a decision is
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Q26: If the marginal net utility of beer
Q27: Given a typical demand curve and a
Q29: Consumer's surplus is what one consumer is
Q30: The law of diminishing marginal utility is
Q31: Scarcity raises both price and marginal utility
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Q33: All decisions involve opportunity cost.
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