Select all that apply Which of the following explain why the price of water per gallon is lower than the price of a diamond per carat? Multiple select question. Water is in great supply relative to demand and thus has a very low price per gallon. Diamonds are in small supply relative to their demand, thus their price is very high per carat. Water is in low supply relative to demand and thus has a very low price per gallon. Diamonds have high marginal utility, and therefore, their price is very high per carat