Which of the following type of reaction is taking place in the chemical equation given below?
Pb(NO₃)₂ + 2KI → PbI₂ +2KNO₃  

The correct answer is Double displacement 

Key Points Pb(NO3)2 + 2KI → PbI2 +2KNO3  

• In the given equation, Pb(NO₃)₂ reacts with 2KI to produce PbI₂ and 2KNO₃.
• In a double displacement reaction, elements from two different compounds displace each other to create new compounds. This is exactly what is happening in the equation.
• The lead ion (Pb²⁺) in lead nitrate displaces the potassium ion (K⁺) in potassium iodide, and the potassium ion (K⁺) in potassium iodide displaces the lead ion (Pb²⁺) in lead nitrate.
• As a result, lead ends up with iodide to form lead iodide (PbI₂) and potassium ends up with nitrate to form potassium nitrate (2KNO₃).

Additional Information

Combination:

• A combination reaction is a type of reaction in which two or more substances (elements or compounds) combine to form a single product.
• However, in this provided equation, we have two reactants and two products. Hence, it is not a combination reaction.

Decomposition :

• A decomposition reaction is characterized by a single compound breaking down into two or more smaller compounds or elements.
• The given chemical equation does not depict this type of reaction as we start with two reactants which form two new products.
   

Conclusion:-

So, the given reaction is Double displacement