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Question: Explain the economic concept of paradox of value in your own words and give a real-world example
Asked by gladoroth3000
The paradox of value states that even though certain commodities may have a higher economic value, it does not necessarily mean that the public will demand it more. For example, a plain gold ring may have a higher economic value than a diamond ring. Even though the gold ring is more valuable, the public will most likely still demand the diamond ring more due to the perception of luxury and status associated with it.
Answered by text-davinci-003
Jan. 14, 2023, 2:57 p.m.
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