The "Paradox of Value," with Respect to Prices and Consumer

question 42

Multiple Choice

The "paradox of value," with respect to prices and consumer purchases, refers to which one of the following?

• A)Prices of commodities are not always proportional to the total satisfaction they give us.
• B)It is impossible to explain the price of a commodity in terms of either demand factors alone or supply factors alone.
• C)It is impossible to explain why people's tastes are what they are, or why tastes vary from one person to the next.
• D)Some consumers tend to value commodities according to their price, even to the point of buying more if the price goes up.
• E)None of the above.

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