Multiple Choice
The high price of diamonds relative to the price of water reflects the fact that,at typical levels of consumption,
A) the total utility from water is relatively low.
B) the total utility from diamonds is relatively high.
C) the marginal utility from water is high.
D) the marginal utility from diamonds is relatively low.
E) the marginal utility from diamonds is greater than the marginal utility from water.
Correct Answer:
Verified
Correct Answer:
Verified
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