Complete the correlation : Salt : Essential good : : Diamond : ______
Q.1 (A) (iii) Complete the correlation : Salt : Essential good : : Diamond : ______
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Answer: Luxury good
Salt is a necessity (essential good) whose demand is inelastic. A diamond is a luxury good; its demand is highly elastic and it is bought for comfort and prestige.
Doubtly AI
· 28 Oct 2026
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