Multiple Choice
Water is cheaper than diamonds because
A) water is a less useful resource.
B) markets fail to reflect value.
C) water yields lower total utility.
D) the last drop of water consumed yields lower marginal utility.
E) people receive negative utility from water.
Correct Answer:
Verified
Correct Answer:
Verified
Q147: Exhibit 5-3 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 5-3
Q148: Refer to the table below. Calculate the
Q149: Exhibit 5A-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 5A-2
Q150: When marginal utility is positive but decreasing,
Q151: The height of a demand curve represents
Q153: The additional satisfaction gained from consuming one
Q154: Total utility always increases when a person
Q155: Indifference curves<br>A)are straight lines.<br>B)show the different combinations
Q156: Exhibit 5-8 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 5-8
Q157: Other things being equal, if the price