Consider the following equilibrium price-quantity combinations in the market for restaurant lunchtime meals in Palo Alto over a four-year period (50 pts):

Year	P	Q (thousands of meals per month)
2018	$12	20
2019	$15	30
2020	$17	40
2021	$20	50

Statement: the unique Palo Alto restaurant market defies the law of demand.

Is this statement: True, False, Uncertain, or Not-Enough-Information?

Explain your answer with numbers, algebra, graph(s) as well as verbal reasoning.

Answer rating: 100% (QA)

Statement False The statement that the Palo Alto restaurant market defies the law of demand is false ... View the full answer