When you purchase a bicycle you do so in the
A)resource market.
B)product market.
C)input market.
D)factor market.

Question

Quizplus · Accepted Answer

When you purchase a bicycle, you are directly buying a finished product, making it a transaction in the product market. The resource market deals with the buying and selling of resources such as raw materials and labor, while the input market deals with the purchase of goods and services used in the production process. The factor market involves the buying and selling of factors of production like land, labor, and capital goods. Since a bicycle is a finished product and not a factor of production or input, B is the only suitable choice.

When You Purchase a Bicycle You Do So in the