An increase in the price of bicycles will most likely result in: A shift to the left of the supply curve for bicycles A decrease in the quantity of bicycles supplied A decrease in the quantity of bicycles demanded An increase in the quantity of bicycles demanded

## Step 1<br />The problem is about the basic principles of supply and demand in economics. The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases. This is because consumers are less likely to buy a product that is more expensive than they are willing to pay.<br /><br />## Step 2<br />In this case, the price of bicycles increases. According to the law of demand, this would lead to a decrease in the quantity of bicycles demanded. This is because consumers would be less likely to buy bicycles that are more expensive than they are willing to pay.<br /><br />## Step 3<br />The other options are incorrect because they do not align with the law of demand. A shift to the left of the supply curve for bicycles would indicate a decrease in supply, not a decrease in demand. A decrease in the quantity of bicycles supplied would be a result of a decrease in supply, not a decrease in demand. An increase in the quantity of bicycles demanded would be a result of a decrease in price, not an increase.