I think you, and a few other Edmonton fans are the only people in the world who doesn't understand the situation or business. That is not what it means, It means there there is a certain value in which paying for an 8th year is better and logical as appose to a 7 year deal.
READ UP..
The scarcity principle is related to pricing theory. According to the scarcity principle, the price for a scarce good should rise until an equilibrium is reached between supply and demand. However, this would result in the restricted exclusion of the good only to those who can afford it. And if the resource that is scarce happens to be grain, for instance, individuals will not be able to attain their basic needs.
Understanding the Scarcity Principle
In economics, market
equilibrium is achieved when supply equals demand. However, the markets are not always in equilibrium due to mismatched levels of supply and demand in the economy. This phenomenon is referred to as disequilibrium. When the supply of a good is greater than the demand for that good, a surplus ensues. This drives down the price of the good.
Disequilibrium also occurs when demand for a commodity is higher than the supply of that commodity, leading to scarcity and, thus, higher prices for that product.
When a product is scarce, consumers are faced with conducting their own
cost-benefit analysis; a product in high demand but low supply will likely be expensive. The consumer knows that the product is more likely to be expensive but, at the same time, is also aware of the satisfaction or benefit it offers. This means that a consumer should only purchase the product if they see a greater benefit from having the product than the cost associated with obtaining it.
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In this case, as a UFA on wed, ANYONE can sign Hyman and it would be for 7 years. There would be no value in paying for 7 years as the demand is low and supply is high.
Now currently, Toronto is the only one who can offer 8 Years... the supply is 1 and demand is high.
If Edmonton wants the commodity, they have to pay for it if not then either WAIT FOR WED or TRADE FOR HIS RIGHTS for a 6th rounder and sign him for 7 Years before Wed when everyone else can.