The substitution rule requires firms to substitute into the use of new technology whenever possible.

Name: The substitution rule requires firms to substitute into the use of new technology whenever possible.
Brand: Quizplus
Rating: 4.9 (34 reviews)

Question

Quizplus · Accepted Answer

The substitution rule in economics suggests that firms may substitute into the use of new technology when it is cost-effective or offers a competitive advantage, not that they are required to do so whenever possible.

The Substitution Rule Requires Firms to Substitute into the Use