One Reason Why Water Is Cheap Compared to Diamonds Is

question 50

Multiple Choice

One reason why water is cheap compared to diamonds is because the

• A) marginal utility of water is enormous.
• B) marginal utility of water is small.
• C) total utility of water is enormous.
• D) total utility of water is small.
• E) total utility of water and diamonds must be equal, but the marginal utility of water is much lower than the marginal utility of diamonds.

---

Definitions:

Alternative Hypotheses

In statistics, propositions that suggest a potential relationship between variables, considered when the null hypothesis is tested and found to be unlikely.

Body Mass Index

A numerical computation representing a person's weight in relation to their height, used to categorize them into underweight, normal weight, overweight, or obese.

Obese Canadians

Refers to individuals living in Canada who have a body mass index (BMI) of 30 or higher.

Null Hypotheses

A statement in statistical analysis that proposes there is no significant difference or effect, used as a starting point for testing.