The Paradox of Value Notes That

Multiple Choice

The paradox of value notes that:

A) there is no rational explanation why people should set a high value on objects such as diamonds, which have little real usefulness.
B) the price obtained from selling any commodity may bear little relationship to the cost of producing it.
C) supply and demand curves do very little to explain how value (or price) is determined.
D) no one consumer has any control over the price (or value) of a commodity, but consumers collectively do have such control.
E) there is no consistent relationship between the total utility obtained from any commodity and the price charged for it.