An economist for a bicycle company predicts that,ceteris paribus,a rise in consumer incomes increases the demand for bicycles.This prediction is based upon the assumption that:
A) there are many goods that are substitutes for bicycles
B) there are many goods that are complementary to bicycles
C) there are few goods that are substitutes for bicycles
D) bicycles are normal products
E) bicycles are inferior products
Correct Answer:
Verified
Q1: Which of the following is most likely
Q3: When an economist says that the demand
Q4: One might explain a shift to the
Q5: Graphically,the market demand curve is:
A)steeper than any
Q6: The law of demand states that:
A)price and
Q7: Ceteris paribus,which of the following might shift
Q8: A rightward shift in the demand curve
Q9: If the price of K declines,the demand
Q10: Which of the following causes the demand
Q11: The demand curve for a product may
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