Annabelle Typically Drives Her Car to Work

question 116

Multiple Choice

Annabelle typically drives her car to work.But she only lives one mile from work and is willing to ride her bike instead.If the price of a bike falls,what would happen in the market for cars?

• A) The demand for cars will increase.
• B) The demand for cars will decrease.
• C) The quantity demanded of cars will increase.
• D) The quantity demanded of cars will decrease.
• E) Both the demand and quantity demanded of cars will increase.

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Definitions:

Notice

A formal communication or announcement given to inform parties of legal actions, decisions, or the need for response, depending on specific legal or contractual requirements.

Novation

is the act of replacing one obligation with another by mutual agreement, effectively transferring the rights and duties of one party under a contract to another party.

Delegation

The process of assigning specific duties or authority from one person to another within an organization or group.