The diamond-water paradox arises because essential goods may be cheap while nonessential goods may be expensive.
<h3>What do you mean by diamond-water paradox?</h3>
- The dilemma of value, also referred to as the diamond-water paradox, describes the significant disparity in cost between some important items and non-essential ones.
- In a market economy, the cost of many necessities for human life is significantly lower than the cost of less necessary necessities.
<h3>Why does the paradox of value between diamonds and water arise?</h3>
- Water is clearly more valuable as a scarce resource than the luxury of having a diamond.
- Customers are forced to decide whether to buy one more diamond or one more unit of water as demand rises.
- The concept of marginal utility describes this idea.
<h3>Why is marginal utility for diamond High?</h3>
- Diamonds, Due to the limited availability of diamonds, people are likely to operate near the vertical axis, somewhat high on the marginal utility curve.
- In other words, the amount consumed is not that large.
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Answer:
0.5
Explanation:
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Since the coefficient is < 1, it is inelastic
Answer: b
Explanation: i just did it on my test and got B
Mutual Funds can be a good option if you're okay with the lack of investment decisions; however, people often lose money due to the risk of securities going down in value.
are going to be your best option for short-term investments.
are going to be your best option for long-term investments.
are going to be your best option for investing in bigger stocks.
Answer: Mixed economy
Explanation:
A mixed economy is an economy that allows private enterprise to run their various business alongside government bodies.A mixed economy comprises of capitalism and socialism. They give room to private enterprise operations, with freedom in the use of capital although government still has some regulations over them for social benefits. The private enterprise are allowed to own even larger industries such as manufacturing but they are still regulated by government policy.
