Complete each statement below about the demand and supply of bicycles using the dropdown list. In each case, assume everything else remains the same and bicycles are a normal good. You may use the...

Extracted text: Complete each statement below about the demand and supply of bicycles using the dropdown list. In each case, assume everything else remains the same and bicycles are a normal good. You may use the same answer more than once. Consider each scenario described below for the supply of bicycles: • If there was an increase in cost of materials in bicycle production the change in quantity supplied would be modelled as a • If the numbers of bicycle suppliers falls then the change in quantity supplied would be modelled as a Consider each scenario listed below for the demand of bicycles: • If there was a decrease in the price of a substitute the change in quantity demanded would be modelled as a • If the legacy from the London Olympics encourages more people to cycle to work; the change in quantity demanded would be modelled as a movement along the demand curve leftward shift of the demand curve rightward shift of the demand curve


Extracted text: Complete each statement below about the demand and supply of bicycles using the dropdown list. In each case, assume everything else remains the same and bicycles are a normal good. You may use the same answer more than once. Consider each scenario described below for the supply of bicycles: • If there was an increase in cost of materials in bicycle production the change in quantity supplied would be modelled as a • If the numbers of bicycle suppliers falls then the change in quantity supplied would be modelled as a Consider each scenario listed below for the demand of bicycles: • If there was a decrease in the price of a substitute the change in quantity demanded would be modelled as a • If the legacy fr movement along the demand curve e people to cycle to work; the change in leftward shift of the demand curve quantity dema rightward shift of the demand curve