1. The paradox is the observation that things water, which is critical to life is very cheap and
diamonds, which are not critical to life are very expensive. Luxury items may have different
relationships between utility and amount consumed. This example i
a. If the supply decreases, the price will rise.
The price will also rise if demand increases.
b. Law of demand, demand curve, market
demand, changes in demand and changes in
2. Demand will increase if prices decrease.
Demand will decre
What percentage of your monthly spending do you pay with
Credit card, or
How do you pay off the credit-card balance? How does your use of cash compare
with the composition of the money supply (Figu
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