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Q:

Write the correct statement.

  • 1
    The value of a commodity depends on its price.
  • 2
    The value of a good depends entirely on the substitute goods.
  • 3
    A thing will have value (importance) only when someone wants to have it.
  • 4
    A commodity will have value only if it is scarcer than the demand.
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Answer : 4. "A commodity will have value only if it is scarcer than the demand."

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