Question

Economic laws are statements which explain ____________.

• A. "what is likely to happen"
• B. "what will happen"
• C. both (a) and (b)
• D. neither (a) nor (b)

Answer 1

The correct option is A "what is likely to happen"

Economics laws are based on some assumption which is necessary when the law is applied as well as they can be applied only is some specific situation.
Therefore, the economic laws are not rigid statements but their application depends upon the tendency of their implementation. So the laws just describe what is likely to happen if such theories are applied on the similar situation.