Suppose the Supply of Bicycles Is Price Elastic

question 33

Multiple Choice

Suppose the supply of bicycles is price elastic.This means that

• A)consumers will respond significantly to an increase in the quantity of bicycles supplied.
• B)suppliers will increase the quantity of bicycles supplied, but not immediately.
• C)suppliers face many substitutes for bicycles.
• D)suppliers will respond significantly to changes in the price of bicycles.