Suppose the Supply of Bicycles Is Price Elastic

question 160

Multiple Choice

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

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

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Definitions:

Individual Differences

Variations among individuals in their psychological traits, behaviors, or physiological characteristics.

Personal Attributes

Individual characteristics or traits that define a person's behavior or attitude.

Cultures

The shared values, beliefs, norms, and practices of a group of people that shape their behavior and interaction.

Personality Clashes

Conflicts that arise between individuals due to differences in their personal characteristics or values.