Which of the following can be regarded as law of economics?

Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall.

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Higher the income, greater is the expenditure.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Taxes have no relation with the benefits which a person derives from the state.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

None of the above.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall.
"Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall" is the 'law of demand'. It can, thus, be regarded as a law of economics.

Suggest Corrections

Similar questions

Q. “The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
Which of the following is an assumption of the Law of Demand?

[1 mark]

Q. “The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
If we refer to the determinants of demand, then ‘other things’ in the Law of Demand refers to which of the following?

[1 mark]

Q. Comment upon the shape of the demand curve if the price of a commodity rises by

10 %

and there is no change in its quantity demanded.

Q. The demand for which of the following commodity will not rise in spite of a fall in its price?

a. Arrange the following coefficients of price elasticity of demand in ascending order:
-0.87, -0.53, -3.1, -0.80

b. Comment upon the degree of elasticity of demand for commodity X, if the price of the commodity falls from Rs 28 per unit to Rs 23 per unit and its quantity demanded rises from 50 units to 100 units.

Join BYJU'S Learning Program

Which of the following can be regarded as law of economics?

The correct option is A Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall."Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall" is the 'law of demand'. It can, thus, be regarded as a law of economics.

The correct option is A Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall.
"Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall" is the 'law of demand'. It can, thus, be regarded as a law of economics.