Suppose the government decides to subsidise the producers of bicycles. After a month, the government was surprised to find only a very small increase in the amount of bicycles that were sold. There was only a small increase in sales rather than a large increase in sales because Demand for bicycles is inelastic in the short run. m Supply for bicycles is inelastic in the short run. U Demand for bicycles is elastic in the short run. Supply for bicycles is elastic in the short run. a and b are true. LL c and d are true