With Respect to Water and Diamonds, Water

question 82

Multiple Choice

With respect to water and diamonds, water

• A) has a higher marginal utility than diamonds.
• B) has a lower marginal utility than diamonds.
• C) is cheaper than diamonds because it has a lower total utility.
• D) is cheaper than diamonds because it has a higher total utility.

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Definitions:

Multiplication

A fundamental mathematical operation that represents the repeated addition of a number by itself a specified number of times.

Division

In business, a division refers to a distinct part of a company that focuses on a particular market, product line, or service, often operating with a certain degree of independence.

Decimal Point

A symbol used to separate the integer part from the fractional part of a number in decimal notation.

Multiplication

An arithmetic operation that combines two numbers to produce a product.