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1 Demand curve for children's bikes. The x-axis is labeled quantity. The y-axis is labeled price. A line is labeled D and has a downward
1 Demand curve for children's bikes. The x-axis is labeled quantity. The y-axis is labeled price. A line is labeled D and has a downward slope from left to right. Another parallel line to the left is labeled D'. A line from point P on the y-axis intersects a line from point Q on the x-axis at a point about midway down line D. The same line at point P on the y-axis intersects a line to the left of line Q with label Q' about midway down line D'. There is an arrow depicting a leftward shift from point Q on the x-axis to point Q'. Which of the following events is consistent with the move from quantity Q to quantity Q'? The population of the town where the shop is located increases. A competing bicycle shop in town begins offering children's bikes for a much lower price. A manufacturer that produces a competing brand of children's bikes goes out of business. The bike manufacturer increases the price it charges the shop, so the shop increases the price it charges its customers. ...,... please select correct ans from given options
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