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DavidRare is an absolute term, while scarce is a relative term-- in particular scarcity is a matter of supply versus demand. For example a card where 25,000 were made can be scarce if demand is high enough, but few would call it rare. On the other hand there can be two Joe Garagiola cards made, but if no one is interested in them,they can be considered rare but not scarce.
The Magie is definitely very scarce-- both in relation to most of the other cards in the set and as far as demand goes. Whether or not it is rare, is a matter of personal opinion-- in particular what number or fewer consititues rare (100? 25? etc).