The Diamond-Water Paradox Was Solved by Knowing That

question 4

Multiple Choice

The diamond-water paradox was solved by knowing that

• A) the total utility of water is greater than the total utility of diamonds.
• B) the marginal utility of water is greater than the marginal utility of diamonds.
• C) the price of water and diamonds is determined by total utility received, not marginal utility.
• D) the price of water and diamonds is determined by marginal utility, not total utility.

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Definitions:

Revocation And Rejection

Revocation and Rejection involve the withdrawal of an offer before acceptance or the refusal to accept an offer, respectively, in contract law.

Same Rights

The equal entitlements or privileges afforded to all individuals within a specified group or context.

Reasonable Number

A reasonable number is a quantity or amount considered to be fair, sensible, or appropriate under the circumstances, often used in legal and business contexts.

Breach The Contract

Not meeting any provision of a pact, either in writing or spoken, without an acceptable legal justification.