The water and diamond paradox is called a paradox because the
a. total utility of water is higher than the total utility of diamonds but its marginal utility is lower than that of diamonds so, in the end, water appears to be less valuable thandiamonds
b. total and marginal utility of diamonds are higher than that of water even though we tend to think of water being more valuable
c. marginal utility of water is higher than the marginal utility of diamonds but its total utility is lower than that of diamonds so, in the end, diamonds appear to be lessvaluable than water
d. total and marginal utility of water is higher than that of diamonds so, in the end, water appears to be less valuable than diamonds
e. marginal utility of diamonds is low because diamonds are scarce while the marginal utility of water is high because it is so valuable
A
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