people are willing to pay more for a diamond than for a bottle of water because

a. the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water.

b. the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water.

c. producers of diamonds have a much greater ability to manipulate diamond prices than producers of water have to manipulate water prices.

d. water prices are held artificially low by governments since water is necessary for life.