Diamagnetism is the correct property exhibited by superconductors.

Diamagnetic materials are those that exhibit a weak repulsion when placed in a magnetic field. This is due to the induced magnetic field in the material that opposes the external magnetic field. When the external magnetic field is removed, the induced magnetic field also disappears.

Now, let's understand why superconductors exhibit diamagnetism.

Superconductivity:
Superconductivity is a phenomenon observed in certain materials at low temperatures where they exhibit zero electrical resistance. In superconductors, electrical current can flow indefinitely without any energy loss. This unique property is due to the formation of Cooper pairs, which are pairs of electrons that overcome their repulsive forces and form a bound state with zero net momentum.

Meissner Effect:
One of the most important consequences of superconductivity is the Meissner effect. When a superconductor is exposed to an external magnetic field, it expels the magnetic field from its interior. This expulsion is a result of the induced currents that flow near the surface of the superconductor. These currents create a magnetic field that exactly cancels the external magnetic field within the material, leading to the perfect diamagnetism exhibited by superconductors.

Perfect Diamagnetism:
In a superconductor, the induced currents flow without any resistance, leading to a perfect cancellation of the external magnetic field. As a result, superconductors exhibit the strongest diamagnetic response of any known material. This perfect diamagnetism is one of the defining characteristics of superconductivity.

Applications:
The Meissner effect and the perfect diamagnetism of superconductors have various practical applications. For example, superconducting magnets are used in magnetic resonance imaging (MRI) machines, particle accelerators, and magnetic levitation systems. In these applications, the strong diamagnetic response of superconductors allows for the generation of extremely strong magnetic fields and stable levitation of objects.

In conclusion, superconductors exhibit the property of diamagnetism, which is characterized by the perfect expulsion of magnetic fields from their interior. This property is a result of the induced currents that flow near the surface of the superconductor, creating a magnetic field that cancels the external magnetic field.