14.Why should diamands be priced so high and water be priced so low even when water
is essential to sustain life while diamonds are not ?
Dear Student,
Water is not scarce as diamonds. There is so much water around and diamonds are pretty rare. Supply of water is more available than supply of diamonds. Therefore, the market price of water is much lower than of the diamonds.
Regards
Water is not scarce as diamonds. There is so much water around and diamonds are pretty rare. Supply of water is more available than supply of diamonds. Therefore, the market price of water is much lower than of the diamonds.
Regards