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9 February, 00:29

A large, new diamond mine has just opened, and the price of diamonds has gone down. Since she has studied economics, Cecilia decides to buy a diamond necklace since she knows that

A. diamonds are in great demand.

B. diamonds are a nonrenewable resource, making them scarce.

C. the cost of diamonds depends only on the demand.

D. the purchase of diamonds will satisfy wants and needs.

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  1. 9 February, 03:44
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    D. The purchase of diamonds will satisfy wants and needs.

    Explanation:

    Cecilia has a need for diamonds, they satisfy her need for prestige, or self-esteem, or both. Now that the price of diamonds has gone down, she sees the opportunity to purchase an expensive product like a diamond necklace.

    She knows as well that if economic hardship comes, or if the price fo diamonds goes up, she can sell her necklace for a higher or similar price.
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