Related to the Paradox of Value,which of the Following Statements

question 141

Multiple Choice

Related to the paradox of value,which of the following statements is correct?

• A) The marginal utility of water is enormous but the total utility is small.
• B) We consume so much water so its marginal utility is enormous.
• C) The marginal utility of water is small but the total utility is enormous.
• D) The consumer surplus from water is small.
• E) The total utility of water is equal to the marginal utility of water.

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Definitions:

Consumer Ratings

Evaluations or reviews given by consumers regarding the quality, performance, or satisfaction of a product or service.

Formulas

Mathematical expressions that provide a set of rules or operations for solving problems.

Wilcoxon Rank Sum Test

A non-parametric statistical test used to compare two independent samples to assess whether their population mean ranks differ.

Level Of Significance

A threshold in statistical hypothesis testing, determining the probability of rejecting the null hypothesis when it is actually true, often denoted by alpha (α).