Diamond-Water Paradox in Economics: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The diamond-water paradox can easily be understood by?

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1. The diamond-water paradox is best described as?

2. Marginal utility is?

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About This Quiz & Worksheet

Can you explain the diamond-water paradox? Find out by taking this short, multiple-choice quiz. You'll be asked several questions about the paradox and how to understand it.

Quiz & Worksheet Goals

Prepare to answer questions on the following topics:

  • The concept(s) to use to explain the paradox
  • Best description of the diamond-water paradox
  • Definition of marginal utility
  • Why sports professionals earn more than accountants
  • Alternate name for the diamond-water paradox

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related diamond-water paradox lesson
  • Interpreting information - verify you can read information regarding what concept or concepts can help you understand the paradox and interpret it correctly
  • Knowledge application - use your knowledge to answer a question about another term for this paradox

Additional Learning

Continue your studies via the associated lesson, which is called Diamond-Water Paradox in Economics: Definition & Examples. This lesson will help you:

  • Understand who first presented the idea of the diamond-water paradox and when
  • Identify examples of the paradox in today's world
  • Appreciate how one's satisfaction with a product affects its value
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