An Explanation for How the Price of Water Can Be

question 16

Multiple Choice

An explanation for how the price of water can be less than the price of diamonds,even though water is more valuable,is that

• A) price is a poor guide to value.
• B) markets for water and diamonds are not competitive.
• C) price reflects marginal value,not total value.
• D) diamond production requires more labor,and value is based on labor.

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Definitions:

Ethical Decisions

Choices made based on moral principles and values, considering what is right and wrong.

Conflicting Duties

Situations where an individual or organization faces two or more obligations that are difficult to fulfill simultaneously due to their opposing natures.

Ethical Dilemma

A situation where a person must choose between two morally correct actions that conflict.

Principle of Universality

A moral or ethical principle stating that rules or standards apply equally to everyone, regardless of circumstances or status.