The Diamond-Water Paradox of Value Can Be Explained by

question 239

Multiple Choice

The diamond-water paradox of value can be explained by

• A) distinguishing between total utility and marginal utility.
• B) water's high level of utility relative to diamonds.
• C) water's low price relative to diamonds.
• D) the fact that utility cannot be measured.

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Definitions:

Social Motives

Driving forces behind individuals' desires to interact, affiliate, and form relationships with others.

Social Need

A psychological requirement for wellbeing that involves essential interactions and relationships with other humans within a society.

Biological Needs

Fundamental requirements for survival, such as food, water, shelter, and sleep.

Social Needs

The essential requirements for individuals to feel accepted, valued, and connected within a community or society.