Only scarce goods attract price. "comment"
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Yogita Ingle 6 years, 11 months ago
Price of goods depend on a lot of factors which include price of other goods, cost of production, type of goods etc.
When a good is scarce means its availability is falling short of demand. To clear the excess demand price rises and thus goods command higher prices.
Suppose, a market is in equilibrium. The part below the equilibrium is the part showing excess demand. To restore equilibrium, either the supply has to increase or price rises along demand curve.
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