I believe I completely understood his point and my comment responded to that the price does not approach infinity, because no one will logically pay a price app

I believe I completely understood his point and my comment responded to that the price does not approach infinity, because no one will logically pay a price approaching infinity. The root cause of this is that I will only purchase something if I think the utility obtained from having it is equal to or greater than the utility my currency could purchase elsewhere. I don't have a perfectly inelastic demand for electricity. Even if a good is quite scarce (Such as electricity in a blackout), the price is dependent on demand. Low supply does not inherently make a good expensive.