Examlex
Which of the following statements is true?
Nonessential Diamonds
Diamonds categorized as luxury items, not required for basic living or survival needs.
Diamond-water Paradox
The contradiction observed in value theory where essential goods like water have low prices, while non-essential goods like diamonds have high prices.
Essential Goods
Products that are necessary for basic living and well-being, often unchanged by changes in income.
Nonessential Goods
Products and services considered as non-critical for survival or basic living standards.
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