Multiple Choice
Implicit in the solution to the diamond-water paradox is the idea that prices reflect __________ utility instead of __________ utility.
A) marginal; total
B) total; marginal
C) average; total
D) total; average
Correct Answer:

Verified
Correct Answer:
Verified
Q19: When an economist talks about utility, she
Q72: Exhibit 20-8 <br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TBX9059/.jpg" alt="Exhibit 20-8
Q74: An indifference curve shows all<br>A)possible equilibrium positions
Q78: Given that MU<sub>X</sub>\P<sub>X</sub><br>A)can never maximize total utility.<br>B)have
Q79: Economists assume that the goal of consumers
Q79: Exhibit 20-7 <br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TBX9059/.jpg" alt="Exhibit 20-7
Q80: There are two goods, X and Y,
Q82: The law of diminishing marginal utility<br>A)allows us
Q99: Marginal utility is defined as the<br>A)change in
Q153: Because there are so few diamonds in