Question

multiple choice question
the paradox of value refers to the

high value of an essential item like water and the low value of a nonessential item like diamonds.
fact that some goods are worth more than services because they are transferable.
high value of a nonessential item like diamonds and the low value of an essential item like water.

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Explanation:

The paradox of value (diamond - water paradox) is about the situation where a non - essential item like diamonds has a high value in the market, while an essential item like water (needed for survival) has a low market value. The first option misrepresents the values (says water has high and diamonds low). The second option is not related to the paradox of value as it compares goods and services. The third option correctly describes the paradox.

Answer:

C. high value of a nonessential item like diamonds and the low value of an essential item like water.