Question

A belief that if a property is replaceable, its value tends to be set by the cost of acquiring, through purchase or construction, an equally desirable substitute without undue delay.

True
False

Answer 1

The belief that if a property is replaceable, its value tends to be set by the cost of acquiring an equally desirable substitute without undue delay is true.

Step-by-step explanation:

The statement provided is true. This belief represents the concept of substitution, which refers to the idea that if a property is replaceable, its value is typically determined by the cost of acquiring an equally desirable substitute without delay. Substitution is often used in economics to analyze the relationship between goods and services and how changes in price or availability of substitutes affect demand. For example, when the price of tablet computers decreases, there is a decrease in demand for laptops as tablets become a more desirable substitute.