Refer to the Following Graph to Answer the Following Questions

question 8

Multiple Choice

Refer to the following graph to answer the following questions:

-Which of the following statements is true?

• A) Water costs more than diamonds.
• B) The total utility of diamonds is greater than the total utility of water.
• C) The marginal utility of water is greater than the marginal utility of diamonds.
• D) The diamond-water paradox does not exist.
• E) The total utility of water is greater than the total utility of diamonds.

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Definitions:

Productivity

The metric for assessing how effectively a person, machine, or system transforms inputs into valuable outputs.

Competitive Advantage

A situation or factor that gives a business a competitive edge or advantageous standing in its industry.

Lost Productivity

The reduction in work output or efficiency, often due to various hindrances or inefficiencies.

Organizational Competitiveness

The ability of an organization to develop and maintain an edge over its competitors through strategies that attract and retain customers, improve quality, and enhance innovation.