The demand for electric bicycles slopes downward. Which of the following will happen if the price of electric bicycles decreases?

Demand will increase.
Demand will decrease.
Quantity demanded will increase.
Quantity demanded will decrease.

1 answer

If the price of electric bicycles decreases, the correct response is:

Quantity demanded will increase.

This is in accordance with the law of demand, which states that, all else being equal, as the price of a good decreases, the quantity demanded of that good increases. It's important to note that this refers to a change in quantity demanded rather than a change in demand, which would happen due to factors other than price (such as consumer preferences, income levels, etc.).

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