Holding everything else constant, a decrease in the price of bicycles will result in
A) a decrease in the quantity of bicycles demanded.
B) an increase in the demand for bicycles.
C) a decrease in the supply of bicycles.
D) an increase in the quantity of bicycles demanded.
Answer: D
You might also like to view...
The takings clause indicates that private property can be seized only if the property in question is being taken for public use. Does "public use" mean using seized property only for pure public goods and services? Explain your answer
What will be an ideal response?
For an inferior good, the income and substitution effects
A) work together. B) work against each other. C) can work together or in opposition to each other depending upon their relative magnitudes. D) always exactly cancel each other.
International free trade:
A. allows everyone involved to gain surplus. B. may have individual winners and losers of surplus within a country. C. creates surplus only for the producers in a country. D. creates surplus only for the consumers in a country.
The commercial jetliner industry consisting of Boeing and Airbus would best be described as a (an)
a. perfectly competitive market. b. monopolistically competitive market. c. oligopoly. d. monopoly.