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

This is very correct to say that only scarce goods are high in price. This can be supported by the water, diamond paradox. Though water is very useful for all living being, however, it is very low priced as it is available in plenty. On the other hand, diamond which is not so useful is still very high in price due to its relative scarcity.