Multiple Choice
The price of diamonds is substantially greater than the price of water because
A) the total utility of water is greater than the total utility of diamonds.
B) the total utility of diamonds is greater than the total utility of water.
C) the marginal utility of the last diamond purchased is significantly greater than the marginal utility of the last gallon of water purchased by a typical person.
D) the marginal utility of the last diamond purchased is significantly less than the marginal utility of the last gallon of water purchased by a typical person.
Correct Answer:
Verified
Correct Answer:
Verified
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