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

diamonds are in great demand.

diamonds are a nonrenewable resource.

the cost of diamonds depends only on the demand.

the purchase of diamonds will satisfy wants and needs

Question

Social Studies

Genevieve Carpenter

24 April, 00:11

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

diamonds are in great demand.

diamonds are a nonrenewable resource.

the cost of diamonds depends only on the demand.

the purchase of diamonds will satisfy wants and needs

+5

Answers (1)

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Penelope Soto · Answer 1

She decided to buy it because she knows that the cost of diamonds depends only on the demand.

Right now, the price may go down because of the low demand. But if a new diamond mine is opened, it will increase the supply of the diamond, which will increase the demand at the same time.