Multiple Choice
The fact that the price of diamonds is higher than the price of water
A) cannot be explained by behavioral economics or consumer choice theory.
B) is an outcome of irrational behavior in consumer choice theory.
C) can be explained only by behavioral economics but not by consumer choice theory.
D) can be explained as the outcome of a consumer optimum in consumer choice theory.
Correct Answer:
Verified
Correct Answer:
Verified
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