This is the solution to the diamond water paradox

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Chapter 10 / Exercise 6
Exploring Economics
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109. 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; totalb. total; totalc. total; marginald. marginal; marginale. none of the aboveANSWER:
dPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer
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Exploring Economics
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Chapter 10 / Exercise 6
Exploring Economics
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choic - DISC: Utility and consumer choiceKEYWORDS: Bloom's: Application110. Implicit in the solution to the diamond-water paradox is the idea that prices reflect __________ utility instead of __________ utility.
aPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choiceKEYWORDS: Bloom's: Comprehension111. If, as a person consumes additional units of a good, total utility rises by a constant amount,it follows that
dPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: Utility and consumer choic - DISC: Utility and consumer choiceKEYWORDS: Bloom's: Application112. Which of the following statements is true?

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