Multiple Choice
We would expect the total utility of diamonds to be __________ than the total utility of water and the marginal utility of diamonds to be __________ than the marginal utility of water.
A) higher; higher
B) lower; lower
C) higher; lower
D) lower; higher
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q93: The endowment effect<br>A)states that we value an
Q94: We take one dollar from a pauper
Q95: A util is an artificial construct used
Q96: Economists usually assume that money has _
Q97: Suppose you could quantify the amount of
Q99: Marginal utility is defined as the<br>A)change in
Q100: Smith says she gets 5 utils from
Q101: An indifference curve shows<br>A)the bundles of two
Q102: Suppose a consumer is purchasing Coke (c)
Q103: Economists contend that the goal of individuals