Final answer:
No, obsolescence does not necessarily involve the replacement of one asset with another more efficient and economical asset.
Step-by-step explanation:
No, the statement is false. Obsolescence refers to the state of being outdated or no longer useful. It does not necessarily imply the replacement of one asset with another more efficient and economical asset. While the development of new and more efficient assets may contribute to the obsolescence of older assets, there are other factors that can render an asset obsolete, such as changes in technology, market demand, or social trends.