This is the solution to the diamond-water paradox: Those things that have high value in use sometimes have low prices because they are consumed at low __________ utility; those things that have low value in use sometimes have high prices because they are consumed at high __________utility.
A)marginal; total
B)total; total
C)total; marginal
D)marginal; marginal

Question

Quizplus · Accepted Answer

The diamond-water paradox is resolved by understanding that water, though essential, has a low price because it is consumed at low marginal utility, while diamonds, though not essential, have a high price because they are consumed at high marginal utility.

This Is the Solution to the Diamond-Water Paradox: Those Things