One Explanation for the Existence of the Diamond-Water Paradox Is

question 163

Multiple Choice

One explanation for the existence of the diamond-water paradox is that

• A) the demand for diamonds is greater than the demand for water.
• B) people fail to recognize that demand and supply are both equally important in determining the value of a product.
• C) the supply of diamonds is greater than the supply of water.
• D) people fail to recognize that demand and supply do not matter in determining the value of a product.
• E) people fail to recognize that the marginal utility of diamonds is less than the marginal utility of water.

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