With respect to water and diamonds,water
A)has a higher marginal utility.
B)has a lower marginal utility.
C)has a lower total utility.
D)is cheaper than diamonds because it has a lower total utility.
E)has zero marginal utility.

Question

Quizplus · Accepted Answer

Water has a lower marginal utility compared to diamonds because it is more abundant and readily available, making each additional unit less valuable.

With Respect to Water and Diamonds,water