Statement I: the Water-Diamond Paradox Can Be Resolved Using Utility

question 107

Multiple Choice

Statement I: The water-diamond paradox can be resolved using utility theory.
Statement II: If the price of water was high and the price of diamonds was low,there would be no water-diamond paradox.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Defamation

The act of damaging someone's reputation by making false and harmful statements.

Falsity

Relates to the quality or state of being false or untrue.

Conversion

Any distinct act of dominion wrongfully exerted over another’s personal property in denial of or inconsistent with his rights therein. That tort committed by a person who deals with chattels not belonging to him in a manner that is inconsistent with the ownership of the lawful owner.

Defendant

An individual, company, or institution being sued or accused in a court of law.