Chris purchased a 21-speed road bike for $1,000 but found after a couple of weeks that he didn't ride it that often, so he decided to sell it. He listed the bike on a local bike selling Web site and received several offers less than $1,000, but he refuses to sell for less than what he paid for it. Explain the mistake that Chris is making.

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The Answer of Chris purchased a 21-speed road bike for $1,000 but found after a couple of weeks that he didn't ride it that often, so he decided to sell it. He listed the bike on a local bike selling Web site and received several offers less than $1,000, but he refuses to sell for less than what he paid for it. Explain the mistake that Chris is making.

Chris Purchased a 21-Speed Road Bike for $1,000 but Found