According to the principle of substitutability:
A) the price of basic commodities has risen because they cannot be substituted by alternatives.
B) the five metals used in Simons' and Ehrlich's wager have since been substituted for others.
C) human intellect devises creative ways to substitute new resources to solve resource scarcity.
D) people are substitutable; those who die of starvation and disease will always be replaced by new births that result from increased population.

Question

Quizplus · Accepted Answer

The principle of substitutability states that when a resource becomes scarce, human ingenuity will come up with new ways to substitute it with other resources. This is why markets can adapt to changes in supply and demand, and why there is always potential for innovation to solve resource scarcity problems. Option A is incorrect because basic commodities are often substituted by other alternatives, which is why prices can change. Option B may have been true when the wager was first proposed, but is not necessarily true now. Option D is not relevant to the principle of substitutability.

According to the Principle of Substitutability