Asked by
Sakshi Dhakate
on Dec 11, 2024
Verified
Other things constant, an increase in the demand for bicycles will
A) decrease the price of bicycles.
B) decrease the quantity of bicycles bought and sold.
C) decrease the demand for bicycle workers and lower their wages.
D) increase the demand for bicycle workers and increase their wages.
Demand for Bicycles
The consumer interest and willingness to buy bicycles, which can be influenced by factors like environmental concerns, health awareness, and economic conditions.
Wages
The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee.
Demand Increase
A situation where the quantity of a product or service sought by buyers rises due to factors like higher income, changes in taste, or population growth.
- Acquire knowledge about how shifts in the desire for goods affect the necessity for inputs in their production.
Verified Answer
BC
Learning Objectives
- Acquire knowledge about how shifts in the desire for goods affect the necessity for inputs in their production.