1.)Consumer demand for DVDs has increased over time becausethe price of DVD play

Question

1.)Consumer demand for DVDs has increased over time becausethe price of DVD players has: A.decreased, and DVD players and video cassette players aresubstitute goods. B.decreased, and DVD players and video cassette playersare complementary goods. C.increased, and DVD players and video cassette players aresubstitute goods. D.increased, and DVD players and video cassette playersare complementary goods. 2.)The diamond-water paradox arises because: A.essential goods may be cheap while nonessential goods may beexpensive. B.the marginal utility of certain products increases, ratherthan diminishes. C.essential goods are always higher priced than nonessentialgoods. D.we sometimes fail to use money as a standard of value. 1.)Consumer demand for DVDs has increased over time becausethe price of DVD players has: A.decreased, and DVD players and video cassette players aresubstitute goods. B.decreased, and DVD players and video cassette playersare complementary goods. C.increased, and DVD players and video cassette players aresubstitute goods. D.increased, and DVD players and video cassette playersare complementary goods. 2.)The diamond-water paradox arises because: A.essential goods may be cheap while nonessential goods may beexpensive. B.the marginal utility of certain products increases, ratherthan diminishes. C.essential goods are always higher priced than nonessentialgoods. D.we sometimes fail to use money as a standard of value. B.decreased, and DVD players and video cassette playersare complementary goods. C.increased, and DVD players and video cassette players aresubstitute goods. D.increased, and DVD players and video cassette playersare complementary goods. 2.)The diamond-water paradox arises because: A.essential goods may be cheap while nonessential goods may beexpensive. B.the marginal utility of certain products increases, ratherthan diminishes. C.essential goods are always higher priced than nonessentialgoods. D.we sometimes fail to use money as a standard of value. C.increased, and DVD players and video cassette players aresubstitute goods. D.increased, and DVD players and video cassette playersare complementary goods. 2.)The diamond-water paradox arises because: A.essential goods may be cheap while nonessential goods may beexpensive. B.the marginal utility of certain products increases, ratherthan diminishes. C.essential goods are always higher priced than nonessentialgoods. D.we sometimes fail to use money as a standard of value. D.increased, and DVD players and video cassette playersare complementary goods. 2.)The diamond-water paradox arises because: A.essential goods may be cheap while nonessential goods may beexpensive. B.the marginal utility of certain products increases, ratherthan diminishes. C.essential goods are always higher priced than nonessentialgoods. D.we sometimes fail to use money as a standard of value.

Explanation / Answer

QUESTION ONE ANSWER: A Explanation: As the demand for DVD players increase, the demand forvideo cassette player will drop. This is because they aresubstitute goods. QUESTION TWO ANSWER: A Explanation: water is essential for our daily life, but the priceis cheaper than diamond (which is non-essential) Hope this helps!

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