Economist David Friedman Pointed Out That

question 91

Multiple Choice

Economist David Friedman pointed out that

• A)the endowment effect is not limited to humans.
• B)the law of diminishing marginal utility does not hold for money.
• C)the diamond-water paradox would not exist if water was scarce and diamonds were plentiful.
• D)the government should provide the necessities of life for free.

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Definitions:

Reverse Logistics

The process of moving goods from their final destination for the purpose of return, repair, remanufacture, recycling or disposal.

Reusable Materials

Materials that can be used more than once or recycled, aiming to reduce waste and conserve resources.

Recyclable

Capable of being processed and used again, typically referring to materials that can be collected and remanufactured into new products, reducing waste and consumption of resources.

Nonprofit Organizations

Institutions that operate for purposes other than making a profit, often focusing on social, educational, or charitable activities.