Define law of demand, An analyst observes the following

Define law of demand

Reference no: EM131442550

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?

Reference no: EM131442550

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