Aeronautical engineers are a factor of production for airplanes.What will happen in the world market for airplanes when there is a worldwide shortage of aeronautical engineers?

Question

Quizplus · Accepted Answer

If there is a shortage of aeronautical engineers, the cost of producing airplanes will increase due to the increased wages needed to attract and retain engineers. As a result, the price of airplanes will increase, and the quantity exchanged will decrease as customers may look to substitute to other modes of transportation or delay their purchases until prices decrease.

Aeronautical Engineers Are a Factor of Production for Airplanes