We Can Explain the Paradox of Value as Follows: the Consumer

question 67

Multiple Choice

We can explain the paradox of value as follows: The consumer surplus from water, which is cheap, is ________ than the consumer surplus from gold, which is expensive; the total utility from gold is ________ than the total utility from water; and the marginal utility per dollar spent on water ________ the marginal utility per dollar spent on gold.

• A) greater; less; equals
• B) smaller; less; equals
• C) greater; greater; greater than
• D) less; greater; greater than

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Definitions:

Assertiveness

The quality of being self-assured and confident without being aggressive, allowing for clear and respectful communication of one's opinions and needs.

Collectivism

A cultural value that prioritizes group goals over individual goals and emphasizes the importance of cohesion within social groups.

Uncertainty Avoidance

A cultural or individual preference for clear procedures and rules as a way to reduce the unpredictability of future events.

Hierarchy Orientation

A focus on the structure of ranking within an organization, emphasizing the roles, responsibilities, and power distribution among its members.