Examlex
The average density of the Sun is most similar to which object?
Diamond-water Paradox
The contradiction observed in value theory where essential goods like water have low prices, while non-essential goods like diamonds have high prices.
Essential Goods
Products that are necessary for basic living and well-being, often unchanged by changes in income.
Nonessential Goods
Products and services considered as non-critical for survival or basic living standards.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper ones.
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