What is the significance of relative quantity in determining the value of a product?

The significance of relative quantity in determining the value of a product lies in the principle of supply and demand. When a product is scarce or in high demand, its value tends to increase. Conversely, when a product is abundant or in low demand, its value tends to decrease. Therefore, the relative quantity of a product in relation to its demand plays a crucial role in determining its value in the market.