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Assignment:
Critical Thinking: The diamond-water paradox
In "An Inquiry into the Nature and Causes of the Wealth of Nations" published in 1776, Adam Smith wrote:
"Nothing is more useful than water: but it will purchase scarcely anything... A diamond, on the contrary, has scarcely any use-value; but a very great quantity of other goods may frequently be had in exchange for it".
Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox.
Directions:
• Your essay is required to be two to three pages in length, which does not include the title page and reference pages, which are never a part of the content minimum requirements.
• Support your submission with course material concepts, principles, and theories from the textbook and external reliable sources. Use the Saudi Digital Library to find your resources.
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