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Members of the Heaven's Gate cult, who "knew" there was a spaceship following the Hale-Bopp comet, returned a perfectly good telescope they had purchased because they failed to see the spaceship they "knew" was there. Such behaviors demonstrate that __________.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.
Water-Diamond Paradox
The water-diamond paradox questions why diamonds are more valuable than water, despite water being essential for life and diamonds not, illustrating subjective value in economics.
Marginal Utility
The additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.
Total Utility
The total satisfaction received from consuming a given total quantity of a good or service.
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