Multiple Choice
"Essential" water is cheaper than "nonessential" diamonds because
A) new industrial uses for diamonds have been discovered.
B) the supply of water is great relative to demand and the supply of diamonds is small relative to demand.
C) although the total utility of diamonds is greater, their marginal utility is small.
D) the supply of diamonds is great relative to demand and the supply of water is small relative to demand.
Correct Answer:
Verified
Correct Answer:
Verified
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