The diamond-water paradox illustrates the idea that ________ determines what consumers are willing to pay for a particular good.
A. the substitution effect
B. marginal utility
C. the real-income effect
D. total utility
Answer: B
You might also like to view...
In 2011, the largest dollar volume of imports for the U.S. came from
a. consumer goods. b. industrial supplies. c. petroleum. d. automobiles.
For the economy as a whole, about what percentage of total firm revenue is spent on advertising?
Hyperinflation is:
A. an extremely low rate of inflation. B. frequently experienced in the United States. C. an extremely high rate of inflation. D. very erratic inflation.
Which is the best example of specialization?
A) a high school math teacher who teaches only calculus B) a firm that produces both luggage and cooking oil C) a person whose job includes accounting, personnel, and maintenance tasks D) a high school math teacher who teaches algebra and calculus