Adam Smith's Diamond-Water Puzzle

question 3

Multiple Choice

Adam Smith's diamond-water puzzle

• A)can be resolved by distinguishing between marginal and total utility.
• B)occurs because diamonds have no utility.
• C)occurs because scarcity increases total utility.
• D)will likely never be resolved with existing economic tools.

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Definitions:

Quaternary Carbon

A carbon atom bonded to four different groups, distinguishing it as a center of chirality in certain organic molecules.

Tertiary Carbon

A carbon atom bonded to three other carbon atoms.

Secondary Carbon

A carbon atom that is attached to two other carbon atoms in an organic molecule.

Equatorial

Refers to the positions on a cyclic molecule that are more outwardly directed around the ring, often leading to reduced steric strain.