Which of these is a law of economics?

Law of contracts

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Law of demand

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Annual budget of the central government

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All of the above

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Solution

The correct option is B Law of demand
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. So , law of demand states that if the price of a commodity rises then the quantity demanded will decrease and vice-versa on the assumption that all other factors remain constant. Therefore, it is an economic law.

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