The water and diamonds paradox can be explained by considering:
(a) Marginal Utility.
(b) The difference between inferior and luxury goods.
(c) Long run costs.
(d) It cannot be explained.
Answer: (a) Marginal Utility.
Economics
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Refer to Figure 14.2. Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005. Other things equal, this would best be represented by a movement from
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