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At a price of $2,000 per unit, the demand for Rancho 60 mountain bikes from Peyton Bike's Inc. is 300 units, which is the number
At a price of $2,000 per unit, the demand for Rancho 60 mountain bikes from Peyton Bike's Inc. is 300 units, which is the number of bikes the company manufactures every year. This is Peyton Bike's maximum output. If the marketing managers at Peyton Bike's Inc. decide to sell each bike at a price lower than $2,000 per unit, _____. a. the number of bikes produced will increase drastically b. an inelastic demand for the bikes will be created c. the demand for and the supply of the bikes will attain equilibrium d. a shortage of bikes will be created
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