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Elasticity of the demand is available when:
Low priced commodities are available
Uses of a commodity is less
Both of the above
None of the above
Option (4) is correct.
Explanation: Elasticity is the responsiveness of demand for the change to the price of the commodity. With the price of the commodity being low, demand increases but since the
commodity has less uses the demand becomes inelastic.
By: Parvesh Mehta ProfileResourcesReport error
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