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Question

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

A
Ceteris paribus, if the price of a commodity rises the quantity demanded of it will fall.
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B
Higher the income, greater is the expenditure.
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C
Taxes have no relation with the benefits which a person derives from the state.
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D
None of the above.
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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.

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