Question

Although water is useful, yet it is cheap. On the contrary, diamond is not much of use, still it is very expensive. Give an economic reason for this paradox.

Answer 1

Answer:

Explanation: even though water is valuable and still very useful in day to day life, water is more abundant than diamonds. Diamonds are not abundant in this country which makes is more valuable than water regarding cost. Valuable quantity pulls the marginal usage down which reduces the prices of vital commodities.

I hope you like it

Stay home and stay safe

Hiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii please mark me as brainlist