wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Which of these is a not a law of economics?

A
Law of diminishing marginal utility
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Law of demand
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Law of variable Proportions
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Law of partnership
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
Open in App
Solution

The correct option is A Law of partnership
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. Moreover, these economic laws are not rigid statements but their application depends upon the tendency of their implementation.
Law of Partnership is a law in the constitution that states various rules and regulations for the partners as well as the firm under the Partnership act, 1956 so it is not an economic law.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
The Law of Demand
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon