Since price tends to equal marginal utility, the price of water is low and the price of diamonds is high.
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Q17: As a rule, the more of a
Q18: Utility is the pleasure, satisfaction, or enjoyment
Q19: The law of diminishing marginal utility holds
Q20: Because the consumer's budget is limited, purchase
Q21: Consumer's surplus is the difference between the
Q23: If the marginal net utility of beer
Q24: The real cost of a decision is
Q25: Voluntary exchange requires that there must be
Q26: If the marginal net utility of beer
Q27: Given a typical demand curve and a
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