Question

To what extent you would agree with the statement that any ‘scarce good commands high price?

Answer 1

well i consider it be a universal law the more a scarcie a good is higher would be it prices

Answer 2

supply is indirectly proportional to demand. The higher the supply rate the lower the demand. Scarcity of goods means lower supply rate of goods thus causing a higher demand rate, high demand rate is definitely accompanied by   higher prices due to high competition.

Therefore what can be learnt is that when the demand is too high  then the supply is also too high or should be raised .Therefore the price might change slightly .

eevic