Rare dismay shown about Conservative leader (6)

I believe the answer is:

scarce

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'rare' is the definition.
(similar in meaning)

'dismay shown about conservative leader' is the wordplay.
'dismay' becomes 'scare' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'shown about' indicates putting letters inside.
'leader' suggests taking the first letters.
The first letter of 'conservative' is 'c'.
'scare' placed around 'c' is 'SCARCE'.

Can you help me to learn more?

(Other definitions for scarce that I've seen before include "Deficient in quantity" , "Not often come across" , "Uncommon" , "Wanting" , "Rarely found" .)

I've seen this clue in The Globe and Mail.

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