Explain why the paradox of value applies to diamonds and water.
The paradox of value applies because

Question

Explain why the paradox of value applies to diamonds and water. 
 The paradox of value applies because

Answer

the marginal utility of water relative to diamonds at the quantities bought is higher.

Answer

it distinguishes between total utility and marginal utility.

Answer

utility can't be measured.

Answer

the price of water relative to the price of diamonds is lower.

Answer

it distinguishes between the buyer's utility and the price paid.

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