The correct option is D all of the aboveEconomics laws are #10;based on various assumptions which are necessary to follow while applying the #10;law is as ...

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Social Engineering

Economic laws...

Question

Economic laws are ___________.

hypothetical

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conditional

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statement of tendencies

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all of the above

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Solution

The correct option is D all of the above
Economics laws are based on various assumptions which are necessary to follow while applying the law is as well as these laws can be applied only is some specific situation with given set of conditions. This makes the economic laws hypothetical and conditional from all ends. Moreover, these economic laws are not rigid statements but their application depends upon the tendency of their implementation.

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