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By using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are expensive, whereas water, which is necessary for life, is not.

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By using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are expensive, whereas water, which is necessary for life, is not.

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Paradox of Value:

The paradox of value refers to the condition where the price of an essential commodity is much lower than the pric...

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Business

Economics

Aggregate Demand

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