Question

A commodity which can be put to several uses _______
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Answer 1

Answer:

elastic demand

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Answer 2

A commodity which can be put to several uses has composite demand.

1. In composite demand a particular type of commodity can be put to several uses.
2. The most important uses are given preference.
3. For e.g. oil may be demanded for making machine parts mobile, for cooking etc.
4. Similarly steel may be demanded for construction of house, manufacturing of machine part, making utensils etc.