Question

"only scarce good attract price",comment​

Answer 1

This statement mran that when goods are less in numbers then its price may gets high bcoz less available goods being demanded by many people so to maintain the demand its price rises and then its suppy meet to the limited paying ability customers meet by limited resources. Rising the price is simple method to control excess demand, mean when demand is more then output or suppy. Rising up the price leads to drecrese the demand as per law of demand . Law of demand says that when price rise its quantity demanded of a commodity decrease and when price fall its quantity demanded of a commodity increases.
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