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.

Economics Today and Tomorrow, Student Edition
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ISBN:9780078747663
Author:McGraw-Hill
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Chapter1: What Is Economics
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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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