The diamond-water paradox arises because: Select One: a) Diamonds being scare and water being freely available the Marginal utility of Diamond rises on additional consumption and that of water falls b) the marginal utility of certain products diminishes rather than increasing c) we sometimes fail to use money as standard of value d) consumer goods are relatively scarce e) essential goods are always higher priced than nonessential goods

The diamond-water paradox arises because: Select One: a) Diamonds being scare and water being freely available the Marginal utility of Diamond rises on additional consumption and that of water falls b) the marginal utility of certain products diminishes rather than increasing c) we sometimes fail to use money as standard of value d) consumer goods are relatively scarce e) essential goods are always higher priced than nonessential goods

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 8QFR

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