Other Things Constant, an Increase in the Demand for Bicycles

question 73

Multiple Choice

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.

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Definitions:

Organizational Buying

The decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.

Psychological Buying Needs

The emotional and mental reasons that motivate consumers to make a purchase, such as status, security, and self-esteem.

Personal Influences

The effects that individuals' personalities, preferences, and characteristics have on their decisions and behaviors.

Buying Behavior

The decision processes and acts of individuals involved in buying and using products, influenced by psychological, social, and economic factors.