Which best describes a good with many alternative uses?

A good with many alternative uses will have more elastic demand because consumers can easily switch to other substitutes if the price of that good rises. Elasticity of demand measures how much the quantity demanded of a good responds to a change in price. When a good has numerous alternative uses, this means that it can be used in various ways or substituted with other products. Therefore, a small change in its price will result in a relatively larger change in the quantity demanded, indicating greater sensitivity among consumers to price changes.

In contrast, the other options describe demand characteristics that do not align with the context of goods that can be used for multiple purposes. Perfectly inelastic demand refers to a situation where quantity demanded does not change regardless of price changes, which is not applicable here as there are alternatives available. Unitary demand implies that the percentage change in quantity demanded is equal to the percentage change in price, which doesn’t adequately capture the concept of substitution available with goods of many uses. Perfectly elastic demand indicates that consumers will only buy the good at one price and none at a higher price, which is too extreme for goods that can be easily swapped out for alternatives.