"Only scarce goods attract price" Comment.

1.	"Only scarce goods attract price" Comment.
Answer» Solution :The given statement is correct. All resources are not scarce in the economy. For EXAMPLE, the AIR we breathe is abundant in relation to wants. Such goods are available FREE of cost. These goods are known as Non-Economic Goods. On the other hand, some goods are scare in relation to their wants. For examplepetrol, electricity, etc. are scare in relation to wants. These goods command price and are know as Economic Goods. So it is rightly SIDE that only scarce goods ATTRACT price.

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