The diamondwater paradox is the classic example of the paradox of value, but the concept can be
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The diamond–water paradox is the classic example of the paradox of value, but the concept can be applied to many other market situations. Show in a diagram and explain why a cardiac surgeon earns far less than an NHL hockey star. Does society “value” the hockey player more than the surgeon?
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Consider two simple demandandsupply diagrams one for the market for cardiac surgeons and one for NHL ...View the full answer
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