Examlex
In the _____, words that rhyme with numbers are used as place holders in an ordered list.
Diamond/Water Paradox
A paradox highlighting the contradiction between the high value of items with little utility (diamonds) and the low value of items with great utility (water), illustrating the difference between total and marginal utility.
Value in Exchange
The worth that a product or service has in the marketplace, determined by what others are willing to give up in exchange for it.
Marginal Utility
The increased gratification or utility obtained by consuming an additional unit of a good or service.
Total Utility
The total satisfaction received by a consumer from consuming a certain amount of a good or service.
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