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Value and scarcity. In order to possess value, an article must be scarce. That is, it must be so limited in quantity that those who have it are able to get something else in exchange for it. Air, which has great utility, seldom has any value. There is so much of it that ordinarily everyone can have any quantity without having to pay anyone for it. But under certain conditions, air does have value. A good illustration is compressed air, which is bought and sold. Contributor: Irving Morrissett, Emeritus Prof. of Economics, Univ. of Colorado. - |
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