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Banking System and Capital Market Questions and Answers for Competitive Exams

Q.

Diamonds are priced higher than water because:

[A] They are sold selected firms with monopolistic powers
[B] Their marginal utility to buyers is higher than that of water
[C] Their total utility to buyers is higher than that of water
[D] Consumers do not buy them at lower prices

Answer & Explanation

Answer: Option [B]

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