The paradox of value between diamonds and water is explained by the fact that the
A) total utility of diamonds exceeds the total utility of water.
B) marginal utility of diamonds exceeds the marginal utility of water.
C) total utility of diamonds exceeds the marginal utility of water.
D) marginal utility of diamonds exceeds the total utility of water.
B
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What will be an ideal response?
The rule of thumb according to which people are more likely to assume something belongs to a given category if it shares many characteristics with the stereotypical members of that category is the:
A. availability heuristic. B. anchoring heuristic. C. adjustment heuristic. D. representative heuristic.
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A. elastic. B. inelastic. C. perfectly inelastic. D. perfectly elastic.
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