Multiple Choice
An explanation for how the price of water can be less than the price of diamonds,even though water is more valuable,is that
A) price is a poor guide to value.
B) markets for water and diamonds are not competitive.
C) price reflects marginal value,not total value.
D) diamond production requires more labor,and value is based on labor.
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Sales Tax<br><br>The following questions refer to the
Q12: The gains from international trade are greatest
Q13: According to the efficiency criterion,when a policy
Q14: The following questions refer to the accompanying
Q15: The price of a good accurately reflects
Q17: Social or welfare care is consumer surplus
Q18: Tax Problem. Consider a perfectly competitive market
Q19: Sales Tax<br><br>The following questions refer to the
Q20: Which of the following normative criteria rejects
Q21: When the supply curve is flat,a tariff