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3 years ago

Factor substitution possibilities render the problem of resource scarcity to be

1 answer:

ozzi3 years ago

5 0

Factor substitution possibilities render the problem of resource scarcity to be manageable, but not necessarily irrelevant. Therefore, it's<u> logically correct.</u>

Factor substitution simply means when one variable factor is substituted for another. Resource scarcity occurs when resource demand is more than the supply of resources.

The problem of scarcity is dependent on the demand and supply function. Therefore, an increase in the price of a resource will lead to scarcity. Factor substitution possibilities render the problem of resource scarcity to be manageable. In this case, one input can be substituted for another.

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