An analyst observes the following equilibrium pricequantity combinations in the market for restaurant meals in a city over a four-year period: 11eb872f_abe6_9534_a220_fd41cf8c3915_SM3044_00 He concludes that the market defies the law of demand. Is he correct? Why or why not?

Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman

Edition 6ISBN: 978-1133708735

Edition 6ISBN: 978-1133708735

Exercise 11

An analyst observes the following equilibrium pricequantity combinations in the market for restaurant meals in a city over a four-year period:

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

Explanation

Verified

No,the analyst is not correct.
Reason - ...