Why is water, which is essential to life, so cheapwhile diamonds, which are not essential to life, so expensive

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter1: Ten Principles Of Economics
Section: Chapter Questions
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Why is water, which is essential to life, so cheapwhile diamonds, which are not essential to life, so expensive

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