Which of the Following Is the Best Reason Why We

question 8

Multiple Choice

Which of the following is the best reason why we typically pay a relatively low price for water?

• A) Additional units of water are normally not worth much to us.
• B) Because water is abundant,the total utility we receive from water is relatively low.
• C) Because water is abundant,the marginal utility we receive from water is relatively high.
• D) Although additional units of water are normally worth a lot to us,the supply of water is so great we refuse to pay a high price for these additional units.

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Definitions:

Continuous Process

An ongoing operation or production method that functions without interruption.

Heredity

The transmission of genetic characteristics from parents to offspring through genes.

Developmental Psychology

The branch of psychology that studies how people grow and change throughout their lifespan, from infancy to old age, including cognitive, emotional, and social development.

Immediate Family

Closest family members, typically including parents, siblings, and children, considered as direct relatives.