Question 3 Over the years, Americans have spent a smaller percentage of income on food and a larger percentage on cars.Why is there no paradox of value?There is no paradox of value becauseO A. the total utility from food and cars are equalOB. food has a low price and a low total utility whereas cars have a high total utility and a high priceC. food has a low price and a high marginal utility whereas cars have a low marginal utility and a high priceOD. food has a low price and a low marginal utility whereas cars have a high marginal utility and a high priceO E. the income elasticity of demand for food is greater than the income elasticity of demand for cars

the paradox of value describes the vast difference seen in the prices of certain essential goods and…

Over the years, Americans have spent a smaller percentage of income on food and a larger percentage on cars. Why is there no paradox of value? C.. There is no paradox of value because O A. the total utility from food and cars are equal O B. food has a low price and a low total utility whereas cars have a high total utility and a high price Oc. food has a low price and a high marginal utility whereas cars have a low marginal utility and a high price OD. food has a low price and a low marginal utility whereas cars have a high marginal utility and a high price O E. the income elasticity of demand for food is greater than the income elasticity of demand for cars