An analyst observes the following equilibrium price


Question: An analyst observes the following equilibrium price quantity combinations in the market for restaurant meals in a city over a four-year period:
                                                                      Q
                                                              (thousands of
Year                         P                             meals per month)
1                            $12                                     20
2                            $15                                     30
3                            $17                                     40
4                            $20                                     50

She concludes that the market defies the law of demand. Is she correct? Why or why not?

 

Request for Solution File

Ask an Expert for Answer!!
Macroeconomics: An analyst observes the following equilibrium price
Reference No:- TGS02238126

Expected delivery within 24 Hours