If a good can be used …
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Gaurav Seth 5 years, 1 month ago
If a good can be used for many purposes, the demand for it will be more elastic because with a decrease in its price, it can be put to several uses and with a rise in its price, it is withdrawn from its many existing uses.
So that, there is a considerable change in demand in response to some changes in price, e.g. milk.
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