"In 2008, air travel decreased substantially despite significant reductions in ticket prices." If this information is correct, it indicates that the law of demand did not apply to air travel in 2008.

The demand for goods and services decreases with a rise in employment and income

Indicate whether the statement is true or false

Refer to the graph shown. If a competitive industry producing hamburgers is taken over by a pure monopoly firm that maximizes profit:

A. price will remain at $4 but output will fall by 100. B. price will rise to $6 and output will fall by 100. C. price will remain at $6 but output will fall by 100. D. output will remain at 100 but price will rise to $6.