The typical cost curves are U-shaped due to the

Economic choice and competitive behavior are the result of

a. basic human greed. b. poverty. c. private ownership of resources. d. scarcity.

The diamond-water paradox is an example that shows that

A. marginal utility can initially increase and then decrease. B. necessities like water should have a higher price. C. there are exceptions to the law of diminishing marginal utility. D. marginal utility rather than total utility determines what people are willing to pay for a good.