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Many factors determine price. In this case determining factors may be at least rarity and need.
Every human needs water and 70% of our planet is covered with it.
Diamonds are exceedingly rare, especially gem-quality diamonds, which represent only 20% of all diamonds mined. No human 'needs' a diamond.
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The relationship between the value of money and the price level?
There is an inverse relationship between value of money and the price level. So if the value of money is low, then the price level is high or if the value of money is high, then the price level is low.
What happens if the market price starts out too high or too low?
If the prive is too high there will be less business for the person selling. If the price is too low you won't be making much profit.
Why would the price of a product made with scarce natural resources tend to be high or low?
High.
What happens when supplies are low and demand is high?
The price of the supplies get higher.
What happenes when supply is low and demand is high?
The price of the supplies get higher.
Why water which is essential for life has a low price compared with diamond which is not?
Diamonds are a commodity that people usually buy as a luxury. Water is vastly more abundant than diamond, and so its price can be low.
What is paradox of value?
although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market.
What is The water-diamond paradox?
The water-diamond paradox refers to the apparent contradiction between the high value placed on diamonds and the essential nature of water for human survival. Despite water being indispensable for life, diamonds, which have limited practical use, are often valued more highly. This paradox highlights the subjective and social factors that influence the value assigned to objects.
Is it good to have a high closing price or a low closing price?
If you own the stock, it is good to have a high closing price. If you are short the stock or trying to buy the stock, then a low closing price.
Why do seamen consider high and low tides in their journey?
They consider high and low tides in their journey because if it is high tide the water level will be high but if it is low tides the water level is low.
Is a black diamond valuable?
Natural black diamonds are rare. They are due to dark graphite inclusions. Their rarity makes them valuable. Most black diamonds are synthetic and made by heat treating low quality diamonds. The price of a synthetic black diamond is lower than that of white diamonds.
What price strategy does Macy's use?
high-low
Is osmosis high to low or low to high concentration?
Osmosis is the movement of water from an area of high water concentration to an area of low water concentration through a semi-permeable membrane.
The relationship between the value of money and the price level?
There is an inverse relationship between value of money and the price level. So if the value of money is low, then the price level is high or if the value of money is high, then the price level is low.
Are the price of HDB flat too high or too low?
too high
Major strategies used for pricing imitative and new products?
major strategies used for pricing imitative and new products depends on two factors i.e. price and quantity The strategies are: Premium Strategy= when price charged is high and Quantity supplied is also high Good Value Strategy= when price is low and quantity is high Overcharging strategy= when price is high and quantity is low eg: Maruti Versa Economy strategy= When both price and quantity are low major strategies used for pricing imitative and new products depends on two factors i.e. price and quantity The strategies are: Premium Strategy= when price charged is high and Quantity supplied is also high Good Value Strategy= when price is low and quantity is high Overcharging strategy= when price is high and quantity is low eg: Maruti Versa Economy strategy= When both price and quantity are low
Do diamonds form under high or low pressure?
Diamonds form under high pressure deep within the Earth's mantle, typically around 725,000 pounds per square inch (psi) and at a temperature of around 2000 degrees Fahrenheit.
