Correct Answer - Option 4 : Television is not a luxury item.
"Though quite expensive, television is not a luxury item, as one can learn many things through television."
i) All expensive things are regarded as luxury. → False (as no relation is given between expensive things and luxury items).
ii) All essential things for learning are not luxury. → False (as no relation is given about essential things, luxury and learning).
iii) Television is essential for learning. → False (as one can learn many things through television but no information about essentiality is given).
iv) Television is not a luxury item. → True (as it is a direct statement given in the question).
Hence, "Television is not a luxury item." is the correct answer.